Canadian Auto Parts Supplier Invests To Supply Hungary-based OEMs
2023. 05. 11.
Up to EUR 50 million will be invested by Magna Metalforming GmbH to set up a new plant in Vecsés with the aim to produce structural bodywork items. The investment is set to create 300 new jobs.
Canada-based Magna International Inc. is a listed corporation that is known for being one of the world’s largest suppliers in the automotive space with a highly diverse portfolio that operates over 340 manufacturing operations in 29 countries. The Hungarian presence of the corporate group dates back to 2011, and now it has been announced that Magna will build a new manufacturing facility in Vecsés located in Pest county.
Structural body and chassis components will be manufactured on the new production lines. The newly created capacities of the Tier 1 supplier will be used initially to serve demand of two European premium OEMs located in Hungary. In total 300 new workplaces will be created as a result.
Economic relations between Hungary and Canada are thriving. Bilateral trade was up by over 17% year-on-year in the first two months of 2023. Canada is the fifteenth largest investor in Hungary, accounting for USD 1.9 billion of FDI.