BUDAPEST: FAG, an affiliate of the German Schaeffler group, will implement an over 25 billion forint (EUR 80m) investment project in Debrecen, in eastern Hungary, and the government will support the project with 4.5 billion forints, Foreign Minister Péter Szijjártó said on Thursday.
Schaeffler’s investment will create 510 jobs ald also provide training within the company, Szijjártó told a press conference in Budapest. The investment project will contribute to developing the vehicle industry, which is a flagship industry in Hungary, employing some 150,000 people around the country, he said.
FAG in Debrecen employs some 1,300 people, manufacturing roller bearings and fluid bearings, and developing engine parts. Within the group, Debrecen has become the European hub for spherical roller bearings with a diameter under 9 millimetres.
