| 2:18 PM EST

ThyssenKrupp Plans New Factory in Hungary


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ThyssenKrupp AG says it will invest €100 million ($110 million) to erect a new plant in Hungary to make electronic steering and camshaft assemblies.

The facility at Jaszfenyszaru near Budapest will begin production in 2018. ThyssenKrupp says the plant will help it support business it recently won from multiple carmakers, including €4.5 billion ($5 billion) in orders for steering systems.

The company currently operates an assembly plant for Audi in Gyor and has a software development lab in Budapest.

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