The Hungarian government will give a yet unspecified amount of support for a HUF 7 billion investment by Temic Telefunken Microelectronic Hungary, specialist for automotive electronics, the Ministry of National Development and the Economy told MTI on Monday.
Temic will start manufacturing hybrid engine electronics and ABSs in Budapest in 2013 as a result of the investment, the Hungarian Investment and Trade Development Agency (ITD Hungary) said. The HUF 7 billion (EUR 26 million) investment, which started last year and will be completed in 2012, will create 175 new jobs. Temic Telefunken Microelectronic Hungary currently makes semi-finished car electronics.
Temic is owned by the international car industry supplier Continental group Continental AG. Continental bought into the former TEMIC Telefunken microelectronic GmbH in April 2001 by purchasing 60 pct of the company’s shares for EUR 398 million, then in April 2002 it acquired the remaining 40 pct of shares still held by DaimlerChrysler AG. Upon payment of the EUR 215.3 million purchase price Continental became the sole owner of Temic.
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