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Germany’s Knorr-Bremse has completed a 600 million forint (EUR 1.9m) expansion of its plant in the central Hungarian city of Kecskemet, increasing production and storage by 2,000sqms to 21,000sqms. The investment was financed using its own funds.

Innovation and Technology minister László Palkovics said at the closing event of the project that Hungarian automotive industry output has grown an annual 4.8% in January, despite a decline in Europe’s figures. The output value of the sector has doubled since 2010, he said. Since its stabilisation in 2014, the Hungarian industry expanded faster than that of any other Visegrad Group country, he said. Managing director of the Hungarian unit Attila Biró said the plant reached maximum capacity last year, requiring the installation of new production lines and expanding warehousing.

Knorr-Bremse Fékrendszerek had revenue of 48.5 billion forints in 2017, public records show. Exports amounted to 46.8 billion. The company employs about 1,100 workers.