Mor, Hungary — Polyurethane tooling company FRIMO intends to invest nearly EUR 7m ($7.7 m) at its manufacturing site in northern Hungary to develop new processing technologies.
FRIMO aims to introduce laboratory equipment and testing stations designed to boost energy efficiency and to implement new production procedures at its plant in Mor, about 90 km west of Budapest. The company said it intends to install laboratory equipment and testing stations to introduce and improve the new technologies it develops in-house.
FRIMO’s Hungary operation, is sinking EUR 6.8m into the project that is set for completion by September 2018. This project is being backed with EUR 2.25m worth of non-refundable European Union grant aid provided through the Economic Development and Innovation Operational Programme.
The supplier anticipates its latest development scheme will lead to the creation of 30 jobs at the facility on top of the 195 employees already working at FRIMO Hungary today.
Last year, FRIMO Hungary recorded an operating profit of EUR 2.26m on an annual revenue of EUR 20.47m.
