Knorr-Bremse Rail Systems Budapest inaugurated a HUF 5.28 billion (EUR 17 million) expansion at its base in Budapest. The expansion involved building a production hall and a training workshop. The investment added 6,500 square meters of production space and 4,500 sqm of other areas, bringing the total base area to 46,000 sqm. The Hungarian government provided a HUF 153 million (EUR 496 thousand) grant for establishing the training workshop.
Work on the expansion started in 2016 and the project was finished this September. The company expects the investment will raise its sales revenue from exports by 33%. Knorr-Bremse last year recorded EUR 205 million in revenues, and this could rise to EUR 250-260 million this year and nearly EUR 300 million in 2018.
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