Further growth for Thyssen Krupp

Posted on 24 Mar 2018 and read 493 times
Further growth for Thyssen Krupp Earlier this month, Thyssen Krupp (www.thyssenkrupp.com) opened another automotive-component plant in Hungary (pictured).

The Jászfényszaru facility, 70km east of Budapest, will produce electric power steering systems and valve train systems for German and international OEMs.

The company spent about 100 million euros on the construction of the new plant, and as production is ramped up, as many as 500 new jobs will be created there in the coming months.

Karsten Kroos, CEO of Thyssen Krupp’s Components Technology business, said: “Hungary has developed into an important player for the European automotive industry in recent years.

"Some 480,000 cars rolled off the country’s production lines last year, and as our customers are investing in new plants, we are also looking to continue our profitable growth in the country.

"Another plant — for springs and stabilisers — is currently being built in Hungary; it is scheduled to start production later this year.”

Thyssen Krupp’s Jászfényszaru plant is the company’s first in Europe to locate two different product technologies at the same site.

Combining activities offers efficiency and cost advantages, and the company has successfully launched combined sites in China and North America in recent years.

Thyssen Krupp currently operates an axle assembly plant and a steel service centre in Győr for automotive customers in Hungary.

The company also has a software development centre in Budapest, creating software products for electric power steering systems and new applications for steer-by-wire and autonomous driving solutions.

Overall, Thyssen Krupp currently employs around 1,100 people in the automotive industry in Hungary.

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