The Hungarian subsidiary of French-owned vehicle parts manufacturer Valeo is planning to expand its base in Veszprém. Costs are estimated at HUF 10bn. A government grant will cover HUF 1bn of the total. The project involves the development of warehousing technology and launching new product lines as well as the construction of a 13,000 sqm production hall. The Veszprém plant currently employs a staff of 1,900. Valeo Auto-Electric Hungary Ltd. reported more than €345m in net revenues last year.
