METYX Receives 50% HIPA Investment Support to Expand Production Facilities in Hungary

METYX Grup met with the Hungarian Investment Promotion Agency (HIPA) and secured a 50% subsidy package financed by the Hungarian government for investments to expand its manufacturing facility in Hungary. HIPA works together with the Hungarian Ministry of Foreign Affairs to attract foreign investment to Hungary, create new business opportunities and strengthen the economy. The investment fund will be used over the next five-year period to increase glass and carbon fabric and kit production capacity. METYX acquired its facility in Kaposvár in 2013 from North American Bus Industries (NABI). The site currently comprises 15,000 m² of covered space and 67,000 m² of open area, providing sufficient space for planned expansion and growth. The official announcement of this investment agreement was made at a press conference held in Budapest on Wednesday, 7 February 2018 by Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó and Attila Gelencsér, the parliamentary representative of Kaposvár in Budapest.

METYX Group Managing Partner Uğur Üstünel said at the press conference: "We are very pleased with this important investment support package from the Hungarian Government to expand our production facility and increase our workforce.

We hope to work closely with HIPA and other Hungarian government institutions to turn our growth plans into reality. METYX's location in Central Europe is strategically very important for us to continue growing in the EU market in Hungary and to meet customer demand. This positive support provided by local and central government in Hungary has given us great motivation to invest further in production technologies and infrastructure at our Kaposvár facility." Üstünel continued: "We started production in Kaposvár in May 2015 with only 15 people. Today METYX Hungary employs 155 people and serves across Europe. Currently four production lines are operating at our facility, and three more production lines will be added in 2018. With the new investments, METYX's total annual capacity in Hungary for technical fabrics, including our kit production, will increase from 3,000 to 8,000 tonnes. We expect our workforce to reach 200 by the end of this year and hope to provide further employment by the end of 2020. As a result of this major subsidy programme, we will create employment for more than 200 people in Kaposvár over the next five years. We can even say now that METYX in Hungary is ahead of the commitments we made to the government." he continued. Fabrics and kits produced by METYX Hungary are supplied to major industrial market sectors such as construction, marine, automotive, transport and wind energy. The ISO 9001 certified Kaposvár site has completed supply chain compliance programmes of major wind turbine manufacturers.