Michelin Opens $70.2 Million Hungary Factory
Michelin has opened a new passenger car tyre manufacturing facility in the Hungarian city of Nyiregyhaza. The French company has invested 14.5 billion forints (£39.8 million) in the new production unit, which is expected to produce 800,000 tyres annually and will employ 217 people.
Hungarian companies will account for 20 per cent of the factory’s suppliers, which will reinforce the regional business environment, Michelin Hungary CEO Joel Pouget told the Associated Press at the inauguration ceremony.
Michelin, which acquired a tyre facility for agricultural machines in Nyiregyhaza nearly a decade ago, also operates its central European regional centre in Hungary.