FRANKFURT (Reuters) -- German industrial group Thyssenkrupp is investing 100 million euros ($110 million) to build a new engine and steering components plant in Hungary, the company said today.
Thyssenkrupp said the move was necessary to help it fulfil large orders it had won from global carmakers in the past months.
Thyssenkrupp already has a software development center for steering technology in Budapest and an assembly plant for Audi in Gyor.
The company said in December it had won orders for steering systems from carmakers worth around 4.5 billion euros. Last week, it said its components division was expanding to a new administrative site in Germany.
The new plant will be built in Jaszfenyszaru, 70 kilometers (44 miles) east of Budapest, and will employ 500 people. It will be Thyssenkrupp's first factory in Europe to manufacture two different technologies in a single plant.
Construction is due to start this spring, with production of electronic steering systems and cylinder head covers with integrated camshafts beginning in 2018.