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Jan 08, 2019

Hungarian government signs strategic partnership agreement with Tungsram

Tungsram has a presence in 100 countries and employs almost 5,000 people in Hungary

The Hungarian government has signed a strategic partnership agreement with lighting company Tungsram.

According to MTI, the agreement was signed by Péter Szijjártó, Minister of Foreign Affairs and Trade, and Tungsram CEO Jorg Bauer on Monday.

Last year, Bauer acquired General Electric’s lighting business in Europe, the Middle East, Africa and Turkey, as well as its global automotive lighting business.

Minister Szijjártó said that Magyar Eximbank had lent a significant amount to Tungsram to improve its competitiveness on both domestic and foreign markets. Bauer noted that Tungsram has a presence in 100 countries and employs almost 5,000 people in Hungary. According to 2018 figures, Tungsram had a revenue of some 300 million US dollars.

The Hungarian government has so far signed strategic cooperation agreements with 80 companies.