HungaryTrends – The previous week in business and finance

Budapest (MTI) – See below MTI’s main business and financial news from the previous week:

APOLLO TYRES INAUGURATES HUF 475M PLANT IN HUNGARY

India’s Apollo Tyres inaugurated a 475 million euro plant in Gyöngyöshalász, northern Hungary. The plant, Apollo Tyres’ second in Europe, is expected to turn out 2 million tyres this year, but ramp up output to full capacity by the autumn of 2018. The plant can produce 5.5 million tyres for passenger cars and light commercial vehicles and 675,000 tyres for buses and heavy commercial vehicles a year. Read more HERE.

CEZ PARTS WITH 7.4PC STAKE IN MOL

Czech energy group CEZ parted with a 7.4 percent stake in Hungarian oil and gas company MOL for 141.1 billion forints (EUR 455m) in an equity placement. It used the proceeds of the sale to buy back bonds exchangeable for MOL shares with principal of 468.6 million euros.

HUNGARY PMI FALLS TO 56.0 IN MARCH

Hungary’s seasonally-adjusted Purchasing Managers Index (PMI) fell to 56.0 points in March from 59.4 in February, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said. An index value above 50 shows expansion in the manufacturing sector, while a value under 50 signals contraction.

INDUSTRIAL OUTPUT CLIMBS 2.7PC IN FEBRUARY

Hungary’s industrial output rose 2.7 percent year-on-year in February, slowing from 6.5 percent in January, the Central Statistics Office (KSH) said. February growth was 7 percent when adjusted for the number of workdays in the base period, which was a leap year.

DANA LAYS CORNERSTONE OF FOURTH PLANT IN HUNGARY

US-based Dana laid the cornerstone of a 46 million euro gear plant in Győr, northwest Hungary. Dana’s local unit already has three plants in Győr, employing about 600 people. The fourth plant will employ about 200 people. Read more HERE.

BYD OPENS HUF 6.2BN ELECTRIC BUS PLANT IN HUNGARY

China’s BYD on Tuesday opened a 6.2 billion forint (EUR 20m) electric bus plant in Komárom (NW Hungary). The plant will turn out 400 vehicles a year which will be delivered to big cities in Europe. The plant, which created 300 jobs, was supported with a 925 million forint government grant. Read more HERE.