Tungsram signs agreement with the Hungarian government
Leading lighting company Tungsram Group signed a new trade agreement with the Hungarian government, which was announced jointly by company CEO Jörg Bauer and Minister of Foreign Affairs and Trade Péter Szijjártó.
The partnership came about as a result of lasting accomplishments and market-changing developments initiated by Tungsram. In 2018 alone, the company managed to secure new deals with an international clientele, some of whom are based in Europe, the Middle-East, Africa and Turkey. Following this successful expansion, the number of subsidiaries closely affiliated with the company grew to 22.
But Tungsram is hardly ready to relax. The ever-ambitious plans for the next few years involve the release of a vast number of new products and future trade deals. These traits make the company stand out from among its dozens of competitors, and Szijjártó believes that if that were not the case, then it would be impossible to sustain a business on the global scene.
Tungsram’s Ambitious Global Plan: A vast number of new products and businesses
“Tungsram is the third-largest privately-owned company. Their global ambitions have received support from Eximbank, the financial institution responsible for funding about 700 SMEs,” Szijjártó said, adding that “Those unable to adapt will lose out big time. Tungsram has already shown how much it excels at standing on its own in international competition, where the key to success also happens to be the focal point of the company’s strategy: innovation.”
Tungsram has a presence in 100 different countries, employing about 5,000 people in Hungary alone. According to the business analysis published by MTI, in 2018 the revenues generated by the company came to 300 million USD.
The government secured a total of 80 partnership agreements so far, creating as many as 22,000 new jobs.
