Technology group Thyssenkrupp has announced plans to construct a new automotive components plant in Hungary.
The new plant for engine components and steering systems will be located in Jászfényszaru, 70km east of Budapest. The project is estimated to cost about €100m.
Construction work is expected to commence in early 2016. Production of electronic power-assisted steering systems and cylinder head covers with integrated camshafts is anticipated to begin in 2018.
The project is expected to create about 500 new jobs over the coming years.
ThyssenKrupp components technology business CEO Karsten Kroos said: “This investment follows our strategy towards standardization and cost optimization in the automotive components business.
“For the first time in Europe we are localizing production of two different technologies at one site. That will be an immense help in offering competitive cost structures. We have already enjoyed success with this strategy in China and will also be employing it in other growth markets.”