Restructuring events
European Restructuring Monitor (ERM)
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.
South Korean auto components manufacturer Inzi Controls decided to build a battery module plant in Komárom, which constitute the company's first European production facility. The establishment will create 122 jobs and it is expected to begin its operation in early 2020. It will produce batteries for electric car manufacturers.
The investment cost exceeds €45 million, of which €5 million derive from the Hungarian government's support. According to the CEO of the Hungarian subsidiary, the state support, the availability of skilled workforce and the ideal location as well all contributed to choose Hungary as location and may contribute to further investments in the future.
The choice is considered strategic, as major European automotive firms do not have battery production capacities yet. Instead of exporting batteries, Asian companies are establishing production facilities near the European market. Hungary is increasingly becoming a prominent site of battery production, with Samsung since 2016 and two other battery plants already under construction.
Eurofound (2019), INZI Controls, Business expansion in Hungary, factsheet number 98072, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98072.