Bosch bring US$49 million investment to Hungary

German company Bosch Power Tools GmbH - the world leader in manufacturing power tools - has announced it will bring a HUF 14 billion (US$48.93 million) investment to the northeast Hungarian city of Miskolc.

"Hungary has a traditionally very good relationship with German mechanical industry and 29 percent of the foreign investments in the country came from German investors," Minister of Foreign Affairs and Trade Péter Szíjjártó said at the announcement of the investment. He added that the state will contribute HUF 3.5 billion, mostly in the form of necessary infrastructure development.

The investment will go towards establishing a battery competence center and expanding the assembly capacity of Bosch power tools in Miskolc.

László Fükő, CEO of Bosch Power Tools Hungary said they will build a new 20,000 square meter assembly plant and other ancillary buildings such as laboratories, a mess hall and parking place. Construction is expected to be completed by the end of 2019.

Bosch Power Tools GmbH - the power tools subsidiary of German Robert Bosch GmbH - had revenues of EUR 4.2 billion in 2017 and has 19,000 employees globally.

Title image: Minister of Foreign Affairs and Trade Péter Szíjjártó at the announcement of the investment (MTI/Lajos Soós)

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