FAG invests HUF 1.5 billion in Debrecen
Rolling bearing manufacturer FAG Hungary has carried out an over HUF 1.5 billion investment project at its Debrecen plant, announced the company on Thursday.
The aim of FAG Hungary Industrial Ltd.'s (FAG Magyarország Ipari Kft.) investment was optimising the production process of the new-generation, higher added value conical bearings and the implementation of a new technological process. For the HUF 1.78 billion project, the company had received HUF 500 million from EU funds, the company said in a statement.
The statement says that as a successful partner of automotive manufacturers, Germany-based Schaeffler group is a leading manufacturer of rolling bearings and clutch systems, employing 76,000 people at 180 locations worldwide. The Group's three strongest brands are INA, FAG and LUK.
The current investment was a response by the domestic subsidiary of the FAG brand, manufacturer of bearings and transmission components, to increasing market demands The development increases the company's competitiveness and product innovation ability.
The statement concludes that the development project, finished in December 2013, involved 18 developers and 21 technicians.
