Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Hungarian subsidiary of South Korean chemical enterprise SK Innovation is expected to launch production in its first Hungary-based electric battery plant in Komárom in August 2020. At the same time, another battery plant is under construction as well – in the same town – that is expected to begin operation in late 2021. Together, the two plants are projected to create some 1,410 jobs. By 2023, however, the combined workforce of the two plants together might even reach 2,500. The factories will manufacture batteries for electric cars.
The investment cost of the two factories amount to a combined HUF 416 billion (roughly €1.2 billion as at 23 April 2020).
The Hungarian site is the Korean firm’s first foreign location. SK Innovation has expanded its Hungarian investment plan due to fact that the explosion of demand for electric vehicle batteries kept defying expectations.
There is no indication of any change in the expansion plans of SK Innovation due to the COVID-19 pandemics.
Samsung SDI, Inzi Controls and GS Yuasa have also chosen Hungary as sites for electromibility-related battery production, establishing Hungary as a prominent hub of battery production.
Eurofound (2020), SK Battery Hungary, Business expansion in Hungary, factsheet number 100335, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/100335.