US automotive supplier to expand its capacities in Hungary - VIDEO RIPORT

US automotive supplier to expand its capacities in Hungary - VIDEO RIPORT

US automotive supplier to expand its capacities in Hungary

The US-based Modine, a manufacturer of coolers for the automotive industry, which is present in four continents, has chosen Hungary as the location for its recent capacity expansion. The plant operating in Mezőkövesd since 1991 has been the most successful European plant of the concern even so far, and the results achieved by state-of-the-art technology and the professional skills, expertise and efficiency of the Hungarian workforce have provided suitable grounds for the additional investment. The products of the company are incorporated, among others, in the vehicles produced by Ford, BMW or Daimler.

Modine, which has achieved revenues in a value of USD 1.5 billion in the 2017 financial year, is engaged in the manufacturing of cooling technology equipment and components. In addition to its US-based headquarters, the global giant has plants in North America, South America, Europe, Asia and Africa as well. The Group currently employs about 11,000 persons worldwide.

Thanks to the investment realized by Modine in a value of approximately EUR 7 million , the work can be started in the new facility in Mezőkövesd on a surface of nearly 9,000 square meters, which will be attached to the existing factory. The new factory workshop equipped with state-of-the-art technology will extend the capacities for the manufacturing of engines and power transmission coolers made of aluminium for the motor vehicle, commercial vehicle and machinery markets. The company will manufacture liquid-cooled charge air coolers (LCAC), oil coolers (LCOC), condensers and other key products made of aluminium here. Thanks to the development, the employee headcount will increase by some 200 persons in the coming years.

Since 1991, Modine has developed its capacities in Hungary several times, which refers to the fact that it reckons with the country in a long-term perspective. Approximately 99% of the revenues of its Hungarian subsidiary is generated from export sales. The United States occupied the 13th place in the list of Hungary's commercial partners in 2017, and they are our largest partner outside the EU as far as our exports are concerned. It characterizes well the economic relations existing between the two countries that currently more than 1,700 US-based companies are operating in Hungary that employ about 100,000 people.