Inauguration of new rubber cable production facility, as part of investment strategy in Hungary

Prysmian Group has just inaugurated the new rubber cable production facility in Kistelek, Hungary.

With a manufacturing history of more than 130 years, Prysmian Group is the leading energy cable company in Hungary and one of the largest in Eastern Europe with two production units (Balassagyarmat and Kistelek).

Prysmian Group plans to develop the Kistelek factory in the mid/long term, with the aim of creating a Centre of Excellence for Flexible Rubber and Fire Resistant cable production in Central Eastern Europe.

Prysmian Group has drawn up an investment plan in support of its strategic targets. Work already started in 2014 and will continue in the next three years for the purposes of supporting demand in both Eastern and Western European markets.

The main targets of the plan are:

  • to enhance Kistelek plant capability (product range) and capacity (volume output) by

enabling it to produce 'high tech' Rubber and Fire Resistant cables,

  • to increase the current production capacity of standard PVC cables.

The first stage of the plan has seen the investment of more than €12 million in the period 2014-2016. In this period 15 new production lines and new laboratory equipment have been installed, enabling a potential increase in turnover of around €50 million creating numerous job opportunities. In fact, more than 50 new skilled jobs have been created during this first stage, not only for engineers to support project implementation but also blue-collars to operate the new production lines.

This initial investment will prepare the ground for further long-term growth in the coming years, sustained by a second potential investment of a similar size in the period 2017-2018.

The opening ceremony was honoured by the presence of Her Excellency Maria Assunta Accili Ambassador of Italy in Hungary, Mr. Sándor Nagy Mayor of Kistelek, Mr. Róbert Ésik President of HIPA (Hungarian Investment Promotion Agency), Mr. Francesco Maria Mari Vice President of CCIU and many journalists. A number of key customers and representatives of the business community also attended the ceremony and heard Francesco Fanciulli, CEO Prysmian Group Central Eastern Europe, talk about the Group and its presence in Hungary and Eastern Europe, and Fabrizio Filippucci, Industrial Director of Prysmian Group - CEE Region, discuss the company's investments in Hungary and the CEE Region.

[*: at constant raw material prices]

Prysmian S.p.A. issued this content on 21 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 April 2016 14:46:21 UTC

Original Document: http://www.prysmiangroup.com/en/corporate/media/news/Prysmian-Group-expands-its-operations-at-the-Kistelek-factory/