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Group28_Opel - Factiva...

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2nd UPDATE: Opel To Invest EUR500M In Szentgotthard Plant, Hungary 383 words 21 September 2010 06:17 Dow Jones International News DJI English (c) 2010 Dow Jones & Company, Inc. (Adds size of government support) By Margit Feher Of DOW JONES NEWSWIRES BUDAPEST (Dow Jones)-- General Motors Co.'s (GM) Adam Opel AG said Tuesday it plans to expand its Hungarian plant in Szentgotthard at a cost of EUR500 million to manufacture three new engine families. The investment will receive 7.5 billion forints ($35.2 million) in state support from the Hungarian government, the Hungarian Economy Ministry said in a release. The government projects that it will recover the support amount in three years, the ministry added. As a result of expansion of the plant, which Opel established in 1990, the company will hire 800 people, Opel Vice President Reinald Hoben and Hungarian Prime Minister Viktor Orban said at a joint press conference. At full capacity , the plant will have an output of 500,000 of the new type of engine units annually. Production of the new engines is planned to start at the end of 2012.
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