The chief executives of Hungarian company LAC Holding and Romania’s Softronic signed the document on setting up a joint venture that would manufacture railways engines in Hungary, writes Budapest Business Journal, quoting national news agency MTI.
Economy ministry state secretary Béla Glattfelder said the Hungarian government and the ministry would support the launch of the Hungarian engine production. The JV could create 50 new jobs on the short term and 250 jobs on the longer run, among them highly qualified jobs, according to Glattfelder.
The two companies announced last December plans to set up a joint venture 51% owned by Softronic and 41% by LAC Holding. They said they were seeking the site for the Hungarian plant, which is planned to completed by the end of 2015, and produce the first jointly manufactured engine in 2016.