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Apollo plans EUR 300-mil Hungary tyre plant
 India's
Apollo Tyres plans to build a EUR 300-mil plant bear the
town of Gyongyos, in Northern
Hungary, according to Prime Minister Ferenc Gyurcsany,
who made the announcement in New Delhi following
negotiations with the company on Wednesday. He said Hungary
had been the
company's choice over Slovakia as Hungary had become a major
tyre manufacturing hub in Europe, with lower cost
that enable marketing tyres for less. The
ground breaking ceremony is to take place in the first
half of April 2007, while production is expected to start within
20 months. The company is expected to invest an initial EUR
200-mil on the first phase and employ at least 1,500 people
to churn out some 7-mil tyres for the automobile
market. According to Gyurcsany his government
is to subsidize the investment project. Last year Korean
tyre
maker Hankook invested almost EUR540-mil to set up and operate
its production unit in Dunaujvaros, in   Central Hungary. According
to news reports Hankook received nearly HUF
16-bil in state subsidies and currently employs some
1,500 people with promises to double this figure
in the foreseeable future. According to statistics Apollo is
the
world's15th biggest tyre maker, with production units in Africa
and India, generateing annual revenues of USD 1-bil in 2007.
SCD to start HUF 13.5-bil developments
in Lake Balaton region
 Property development group SCD has announced
it plans to start projects worth a total HUF
13.5bn in the Lake Balaton regionthis year, providing
it reaches agreements with the effected local councils. The company
outlined four projects for this year at a conference in the Balton
Lake town Tapolca. SCD Holding in Nov, 2007 signed a long-term deal
with Irish property investor Quinlan Private to develop the
Lake Balaton region with project worth EUR
450m. The Hungarian Government has promised
to subsidize tourist developments with HUF 154-bil during the
next two years.
 Hungary hotel occupancy rate 45.2% in Dec 2007
Average
occupancy rate at selected hotels in Hungary was 45.2pc in
Dec 2007, slightly higher than Nov, 2007 (44.8%)
and compared to 43.1% in Dec 2006, according
to the Hungarian Statistics Office (KSH). In 2007 the
average occupancy rate at the hotels totaled 58.2% (down 0.7% yr.yr).
Guest nights for the period in 2006 were 502,000 (up 2.8% yr/yr)
and 9.3-mil in 2007 (up 1.6% yr/yr). Courtesy pictures from the hotel,
Le Meridien Budapest.
One bid submitted for purchase
of Magyar Posta building
The Hungarian Postal Service (Magyar
Posta) received a single bid in the tender
for the sale of its former headquarters building on Krisztina
korut, in Budapest's District 2, near Moszkva ter, the busiest
junction point on the Buda side of the capital. Magyar Posta declined
to name the bidder. The tender to sell the 19,000-sqm Magyar Posta "palace" and
a 5,500-sqm site was announced in Nov 2007. Allegedly
14 companies purchased the tender documents that required a single-sum
offer, unless if the bidder intended to finance part of the purchase
from bank loans. In July 2007 Magyar Posta announced that property
company Global Immo, a member of the Ablon group, won a tender to lease offices to be used as its headquarters. Magyar
Posta
agreed to pay Global Immo HUF 400,000/month for 23,000-sqm
office space. Between Oct 1 - Dec 31, 2007
Magyar Posta rented two towers and additional
space at the Gateway Business Centre in Budapest and plans to
complete the relocation of its new headquarters by March 1,
2008.
Nokia transfers production from Germany to Hungary  Finnish
mobile handset producer Nokia is to relocate the production
of mobile devices from Germany to Hungary, Romania
and Finland, according to a statement released
by the company on Jan 15. It said it would close
its uncompetitive plant in Bochum, Germany (pictured) due to high production costs. Some of the production would be transferred
to Nokia's plant in Komarom (North-western
Hungary) which has produced at least 300-mil
handsets since it started production there in 2000.
Nokia said it would launch production at its new EUR 60-mil
plant
in Romania during Q1 2008. Nokia's plant in
Komarom plant in 2006 had revenues of EUR
4.33-bil. The plant employs about 5,500 people. Nokia
invested EUR 160-mil in Komarom since the inception of the
plant in 1999.
Audi Hungaria assembles 140% more cars, 1% more
engines in 2007
 Audi Hungaria Motor assembled 140.75% more cars
and 1.03% more engines in 2007 than it did
in 2006, the company said on Jan 15. Audi Hungaria assembled
56,982 cars and 1.9-mil engines at its plant in Gyor (North-western)
in 2007. Audi Hungaria said it expects an annual revenue
of EUR 5-bil in 2007. Audi produced 15 new engine types in 2007
with a daily output of 7,000 engines. Production of new Audi
TT Roadster and Audi A3 Cabriolet contributed
to the company's output increase of cars in
2007. Audi Hungaria made four-cylinder motors (1.56-mil),
six-cylinder engines (295,607), eight-cylinder engines (48,992)
and 10-cylinder engines (6,356) in 2007. The company also began
assembling 12-cylinder engines (54) in 2007. Engines produced
at Audi Hungaria in Gyor are also assembled
into Volkswagen, Skoda and Seat models. The
Hungarian plant in 2007 assembled 40,417 Audi TT Coupé
models and 16,349 roadsters, alongside 216 units of A3 Cabriolets.
It also produces chassis components for Audi's R8, RS6 and RS4 models.
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