Investment for capacity expansion at VEAS Bulgaria
The Ministry of Foreign Affairs and Trade of Hungary and HEPA Hungarian Export Promotion Agency has launched a program to support the foreign market expansion of Hungarian corporations. Within the framework of this program, VIDEOTON successfully applied for a grant to modernize its plant in Stara Zagora, Bulgaria, aiming to increase production capacity. The complete development idea, if fully realized, including the necessary building extensions and modernization, could result in further investments of similar value.
On January 21, 2022, in the production facility of VEAS in Székesfehérvár, Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary, presented the certificate of the grant to Attila Bakk, Managing Director of VEAS Bulgaria. Péter Lakatos, Co-CEO of VIDEOTON HOLDING, highlighted in his speech at the ceremony that the company's international investment is an important step forward since VIDEOTON's production performance has grown beyond the country's borders. Ottó Sinkó, Co-CEO of VIDEOTON HOLDING, noted that the plant in Bulgaria, already manufacturing, will be modernized in order to strengthen VIDEOTON’s role in the international market, and there is a need for a production site of favorable manufacturing costs to boost VIDEOTON's competitiveness.
VIDEOTON’s Bulgarian holding, of four companies, hiring 1,250 employees, has been operating for more than 20 years, and the group aims to use the funds from the grant for realizing the production of a similar standard to that of the cutting-edge VIDEOTON EAS production facility in Székesfehérvár.
In his speech, Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary, emphasized that the operation of VIDEOTON is of paramount importance not only for Székesfehérvár, but also for the national economy, furthermore, VIDEOTON HOLDING, as one of the largest, exclusively Hungarian-owned group, is a role model for all Hungarian companies.
After the ceremony, the ministerial delegation visited the modern electronics manufacturing facility of VIDEOTON EAS, which was opened in 2019.
Title of Call for Proposal:
Foreign Market Growth Incentive
Investment in capacity expansion and implementation of Industry 4.0 manufacturing solutions in Bulgaria