The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacturing Of Machinery And Equipment Manufacture Of Machinery And Equipment N.E.C. 28 - Manufacture of machinery and equipment n.e.c.
175 jobs Number of planned job creations
Announcement Date
9 July 2011
Employment effect (start)
Foreseen end date
31 December 2011
Description
German Festo-AM has opened its newly extended site in Óbuda and it plans to create 175 new jobs by the end of 2011. The facility will serve as a manufacturing site for the production of new generation valves and as a storage and logistics centre. The investment of HUF 1,3 billion (EUR 4,8 million) will allow the company to increase the productivity by 40%.
In 2010, the company's turnover was of EUR 49,6 million. This year the expected turnover is of EUR 71 million. In the next five years, the company plans to double sales with the launch of new products and increase its workforce to 1,200 employees until 2016.
Festo Group has two subsidiaries in Hungary: the manufacturing company AM-Festo and the commercial firm Festo Automation (40 employees).
Sources
9 July 2011: MenedzserFórum
10 July 2011: Világ Gazdaság
Citation
Eurofound (2011), Festo-AM, Business expansion in Hungary, factsheet number 72066, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72066.
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