BUDAPEST: Flexible packaging producer Sipospack Kft is investing €3m in at a new site at Sóskút in central Hungary.The Company said that new plant will increase its production capacity.
Hungarian flexible packaging producer Sipospack Kft. is investing nearly 3 million euros ($3.2 million) in an expansion at a new site at Sóskút in central Hungary to raise its production capacity.
It is constructing a new 2,400-square-meter production hall and installing a range of new machinery there with a completion date scheduled for June this year.
As a result of the expansion, Sipospack, expects to increase its annual revenue by 3.33 million euros ($3.6 million) in the next three years, and raise the workforce headcount from 22 to 37, while boosting the firm’s share of export sales, according to its project manager Viktor Horváth.
The new project is supported with a European Union grant of 867,000 euros ($940,000) set to cover the cost of switching from natural gas to renewable energy through the use of solar panels and biomass fuel.
