Instant noodle maker Thai President Foods is investing in its Hungarian subsidiary in order to establish a manufacturing base in Europe.
According to a stock exchange filing, Thai President’s “total investment” in its Hungarian subsidiary, Thai President Foods(Hungary) Kft, stands at THB321.8m (US$10m). The company is investing THB80m to acquire a manufacturing plant in the country to produce instant noodles for various European markets.
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According to local reports that surfaced two months ago, Thai President president Suchai Ratanajiajaroen indicated the company was looking to set up a manufacturing base in Europe to take advantage of growing instant noodle consumption in the region.
The company exports noodles to Europe from Thailand, supplying various retailers including Tesco in the UK. The group produces instant noodles under a range of domestic and export brands, including Mama, Thai Chef and Bissin.
Establishing a production plant in Hungary will help address issues including high import tariffs, freight and transportation costs, Ratanajiajaroen reportedly said.
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