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Another automotive manufacturer receives government support

The government is supporting the domestic and U.S. operations of a Hungarian automotive company.

Autóflex-Knott Kft., a manufacturer of trailer parts, is investing HUF 553 million in Kecskemét, to increase its production capacity. The company will also start production in the United States. 

With the domestic development, the company will protect more than 420 Hungarian jobs, for which the government will provide HUF 277 million in support. Péter Szijjártó, Minister of Foreign Affairs and Trade, said in Kecskemét on Tuesday. Its investment in Kecskemét will allow Autóflex-Knott Kft. to maintain its leading position in the European market for the production of trailer axles, he added. 

The foreign market expansion is also important, so the government will be providing additional funding for the company to start operating in the U.S., Szijjártó added. 

In the United States, the company will build a factory with an investment of HUF 800 million, for which the government will provide HUF 400 million in support. 

Source
www.origo.hu
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