Strategic Partnership Between the Hungarian Government and Autoliv Kft.
2022. 01. 20.
A strategic cooperation agreement has been concluded by the Hungarian government and Autoliv Kft., the Hungarian subsidiary of the largest passive safety product manufacturing group in the world. The agreement was signed by Minister of Foreign Affairs and Trade Péter Szijjártó for the Government and managing director Miklós Viktor Pallai on behalf of the company in Budapest.
Autoliv, a business that was founded in Stockholm, Sweden nearly seventy years ago, develops, produces and distributes airbags, safety belts, steering gears, active and passive safety systems primarely for automotive. It is a supplier of all major car manufacturers including, in particular, Renault, Ford, Kia Motors, BMW, Volvo, and other other premium brands.
The company is present in 27 countries with 64 plants. One of them is located in Sopronkövesd, Hungary where revenues nearly hit the HUF 18 billion mark in financial year 2020.
The plant is constantly developing, shifting towards bigger value-added products in the course of its operation. This and next year it intends to spend over HUF 3 bln on production capacity and infrastructure extension as well as the adoption of different Industry 4.0 solutions. Especially high on the agenda is the automation of production lines for the purposes of roll-up, strap and assembly manufacturing.
Established with Swedish FDI in 1990, Autoliv Kft. is the 91st business with which a strategic agreement came into existence. The aim of strategic partnership programs launched by the Government in 2012 is to incentivize investments of foreign companies in Hungary, increase employment, accomplish higher value-added production, integrate corporations into vocational training and tighten relations with domestic suppliers.
Sweden is the 23rd largest investor in Hungary in terms of FDI volume.
