Local Vibrant Battery Production Ecosystem Further Enriched By New Korean Investment
2022. 07. 07.
An important supplier of the battery industry, South Korean-owned Nice LMS Hungary Kft. sets up a new production plant of some 6,000 sq m for EUR 14.4 million in Vác. The project will result in creating up to 60 jobs, and thus contribute to the already vibrant local battery cell producing ecosystem to a great extent.
The Hungarian subsidiary of the South Korean Nice Group, Nice LMS Hungary Kft. started its operation in Hungary in 2019 at its Gödöllő site, and it has become a key supplier of battery components for Samsung SDI and LG Chemical.
Now a new plant will be built in Vác thanks to a greenfield investment with the purpose of manufacturing aluminum batter cases. The project is to improve to meet needs of clients not only in the field of battery production, but also in automotive, defense, ICT as well as sports and leisure product manufacturing.
The Asian country brings investments to Hungary in a conveyor belt fashion. Accordingly, it is not surprising that South Korea is the 5th largest investor in the country in terms of FDI that amounted to USD 5.2 billion in 2019. That accounts for 5.5% of total FDI stock in Hungary.