Continental Teves Lays Cornerstone of HUF3.8 Billion Expansion in Hungary

The company laid the cornerstone of the HUF3.8 billion (€12.5 million) expansion at its Veszprem plant on Thursday. The investment, which was granted HUF889 million from EU funds, will see production to expand by 75% by installing twelve new production lines, said managing director Kai-Uwe Walther. The plant’s annual production will grow to 40 million components by 2013. Continental Teves Magyarország will expand its base by almost 3,000 square meters and hire 220 new employees to work the lines. The expansion is expected to be inaugurated in one year.

Continental employs over 6,000 people at six units in Hungary, including 1,170 at Continental Teves Magyarország.