High-quality rolling bearing producer FAG, a member of Germany’s Schaeffler Group, is to embark on a HUF 12 billion (EUR 39.7 m) investment in Debrecen, southeast Hungary, creating 72 new jobs, Hungary’s Minister of Foreign Affairs and Trade has announced in Budapest on Friday.
Péter Szijjártó said the government has granted HUF 772 million subsidy for the project, in scope of which FAG will executive a development in logistics, acquire new equipment and increase its production capacity.
The minister added that the Hungarian Investment and Trade Agency (HIPA) is currently in talks with potential investors over 109 possible investments in the country. About half of these negotiations are conducted with companies that have already set up shop in Hungary.
About Schaeffler Group
Schaeffler Group is a leading provider of rolling bearings and linear products worldwide as well as a renowned supplier to the automotive industry of high-precision products and systems for engines, transmissions and chassis applications.
The company generated sales of about EUR 11.2 billion in 2013. Its revenue increased by 7.1% yr/yr (or 9% excluding exchange rate impacts) to over EUR 9 bn in the first nine months of 2014. The group’s earnings quality improved significantly. Its Jan-Sept EBIT increased by EUR 177 m to EUR 1.2 bn (from EUR 1.0 bn in the same period of 2013), raising the group’s EBIT margin by 1.2 percentage points to 13.5 % (from 12.3 %). Capital expenditures amounted to EUR 500 m, up significantly from EUR 343 m in Q1-Q3 2013.
With more than 80,000 employees worldwide, Schaeffler is one of Europes largest technology companies in family ownership. It has a worldwide network of manufacturing locations, research and development facilities and sales companies at approximately 170 locations in 49 countries.
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