Hungarian state to support plastics companies

Photo by AE-Plasztik Kft AE-Plasztik Kft's moulding shop.

The Hungarian Ministry of Economy has announced that it will distribute a total of HUF 3bn (€9.5m) in investment grants among 14 Hungarian producers with the aim to support their technological development, market expansion and the creation of about 500 new jobs.

The firms which are to obtain the non-refundable financial support will comprise local plastics industry players, reports local news agency MTI.

Among the others, the companies which will obtain state aid from the Hungarian ministry include plastic car parts maker AE-Plasztik Kft whose portfolio comprises a wide range of interior and exterior plastic parts, plastic cable producer AXON Kabelgyarto Kft which makes its output with the use of PE, PA and other plastics, and Videoton Elektro-Plast Kft whose product portfolio includes various household appliances and plastic parts for coffee machines, juicers and irons, according to data released by the firm.

The amount of the funds which will be allocated to each company was not disclosed by the Ministry of Economy.

Under the plan, the investment aid is designed to be allocated to Hungarian companies which failed to obtain funds from the EU programmes, says the country’s government.