Company News, 2018-03-02, 08:28 AM
Further growth for thyssenkrupp in Eastern Europe
- New production site for steering systems and engine components in Hungary
- Investment of around 100 million euros
thyssenkrupp opened a further automotive components plant in Hungary today. A new production site for chassis and powertrain components has been built in Jászfényszaru, 70 kilometers east of Budapest, over the past months. It will produce electric power steering systems and valve train systems for German and international OEMs. thyssenkrupp invested around 100 million euros in the construction of the new plant complex. As production is ramped up, up to 500 new jobs will be created at the site in the coming months.
“In recent years Hungary has developed into an important player for the European auto industry. Last year alone some 480,000 cars rolled off the country’s production lines. Our customers are investing in new plants, and we are also looking to continue our profitable growth in Hungary. Our focus is on high-tech products such as electric steering systems and components for highly efficient internal combustion engines and electric motors,” says Karsten Kroos, CEO of thyssenkrupp’s Components Technology business area. A further plant for springs and stabilizers is currently being built in Hungary and is scheduled to start production later this year. New customer orders make the expansion of production capacities in Hungary necessary. Thus thyssenkrupp continues its profitable growth strategy in the components business. The division increased its order intake by 14 percent last fiscal year.
thyssenkrupp’s new plant in Jászfényszaru is the company’s first in Europe to locate two different product technologies at the same site. Combining the activities will allow efficiency and cost advantages to be utilized. thyssenkrupp has already launched such combined sites successfully in China and North America in recent years.
thyssenkrupp currently operates an axle assembly plant and a steel service center in Győr for automotive customers in Hungary. The company also has a software development center in Budapest creating software products for electric power steering systems and new applications for steer-by-wire and autonomous driving solutions. Overall thyssenkrupp currently employs around 1,100 people in the automotive industry in Hungary.
thyssenkrupp in the automotive industry
thyssenkrupp is one of the world’s leading suppliers of materials and components to the auto industry. Nine out of ten premium class cars are fitted with components made by the company. One in three trucks feature drive components from thyssenkrupp. In the 2016/2017 fiscal year thyssenkrupp’s sales in the automotive sector came to around 11.2 billion euros. Customers include practically all the big auto manufacturers.