GE Hungary develops new products with EUR 5.4 million investment

GE Hungary announced in a statement that the HUF 1.63 billion (EUR 5.4 million) development programme, finished at the end of June, was supported with HUF 699.474 million (EUR 2.1 million) by the Research and Technological Innovation Fund.

The products developed within the framework of the programme will be used at GE's Hungarian plants.

The EMEA ( Europe, Middle East and Africa) centre of GE's Lighting division also played an important role in the initiative as the new products from Hungary will be sold worldwide through the company's global sales network.

GE Lighting is present in Hungary with six plants in five different cities. The company's EMEA (Europe, Middle East, Africa) regional centre and global technology centre are both located in Budapest. The division employs over 6,000 people in Hungary.

The company opened its European Lighting Showroom in 2011 in Budapest and a year later the LED Center in Nagykanizsa.

To strengthen its collaboration with the country, in December 2012, GE Hungary signed a strategic partnership agreement with the Hungarian government. In 2013, GE Hungary registered a net income of HUF 1,400 billion (EUR 4.67 billion), up from HUF 1,375 billion (EUR 4.58 billion) booked the year before.

Last year, the company booked HUF 24.378 billion (EUR 80 million) in losses after registering a 90.628 (EUR 300 million) profit in 2012.