Hungarian transportation company Waberer’s International is implementing a warehouse logistics capacity expansion and development program after receiving around €2.7m in government support.
According to the announcement, the total cost of the investment is expected to be HUF 3 billion (approx 8.3 million euros), with the Hungarian Government paying 33%. The development is expected to take place in 2021 and 2022.
Thanks to the investment, Waberer’s plans to increase its workforce by 230 employees.
The European Union’s (EU) restrictions on member states’ use of state aid were put in place in September to ensure that government resources are not used to distort competition between member states. However, the Hungarian state aid for Waberer’s runs under the “Investment Subsidy Program”and as such does not break any EU laws.
The price of Waberer’s shares decreased to 1.2 percent to HUF 1,235 last Thursday afternoon. In the past year, the highest share price was HUF 1,340 and the lowest was HUF 562.
Meanwhile, Volvo Trucks reports that the Waberer’s Group has ordered a 10-piece Volvo fleet as a test, with an I-save fuel package and Turbo Compound resource.
Photo credit @ Volvo Hungaria/ Facebook