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Elcoteq to invest in Hungary expansion

Feb 07, 2005

Finnish electronics company Elcoteq will invest euro54 million to expand production capacity at its Hungarian subsidiary, officials said Monday.

The expansion, to be completed by 2008, will create 700 new jobs, Economics Minister Janos Koka said.

Elcoteq launched its Hungarian operations in 1998 in the city of Pecs, 200 kilometers (125 miles) south of Budapest.  In 2000, Elcoteq doubled its production capacity in Hungary by acquiring Nokia's monitor manufacturing unit, also located in Pecs.  Over the past two years, Elcoteq, which has subsidiaries in 15 countries worldwide, has invested euro33 million in Hungary, where it has 4,800 employees.

The Finnish company is expected to announce the location of their new European headquarters later this year.  Koka said Hungary was among the leading candidates.

Finnish companies have invested about euro900 million in Hungary so far, according to the Ministry of Economic Affairs.

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