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Uflex to build EUR70 mn plant in Hungary
India’s largest multinational flexible packaging material company, Uflex Group, is setting up a new plant in Hungary with an investment of around EUR71 million. The facility in Rétság will be built by its film manufacturing subsidiary Flex Films, which will also receive funding of EUR8.7 million from the Hungarian government.
The new factory will be Uflex’s second plant in Europe, after Poland, and will create 170 new jobs. Uflex expects to produce 50,000 tonnes/year of film products to its European customers, once the plant reaches full capacity.
According to news reports, India has become the ninth most important investor in Hungary. Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó was quoted as having said that “thanks to these investments, bilateral trade flow between the two countries has also begun to increase dynamically, reaching US$665 million dollars last year, with exports increasing by 22% during the first eight months of this year and trade flow increasing by 9%.
He also said that the plastics industry in Hungary has played a significant role in the growth, having expanded by 14% during the first three quarters of the year, with a production value of EUR5.28 billion.
Other Indian investors in Hungary include tyre maker Apollo and BOPP/BOPET film maker SRF also announced early this year it would invest in a facility in Hungary.
Apart from India, Uflex also has facilities in the UAE, the US, Egypt and Mexico.
With a consolidated income of around US$1 billion in the financial year 2017/18, and 8,000 employees, Uflex’s portfolio supply extends to major brands such as P&G, PepsiCo, Tata Global, L’ Oreal, Ferro Rocher, GSK, Nestlé, Coca-Cola, Johnson & Johnson.
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