The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Alfod es Eszak; Eszak-Magyarorszag; Borsod-Abauj-Zemplen
Location of affected unit(s)
Tiszaújváros
Sector
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20.16 - Manufacture Of Plastics In Primary Forms
300 jobs Number of planned job creations
Announcement Date
14 May 2024
Employment effect (start)
Foreseen end date
Description
Hungarian oil and gas conglomerate MOL inaugurated its new polyol production site in Tiszaújváros. The plant will start producing in the second half of 2024. The polyol complex will have a personnel of some 300 employees.
The investment cost was €1300 million, a part of which was covered by a combination of non-refundable grant and tax exemption amounting to €131 million provided by the government.
As the future of fossil fuels is becoming uncertain due to the EU-wide decarbonisation effort, the new polyol plant is an element of the strategy on the part of the MOL management to become less dependent on fossil fuel production and distribution, by strengthening the petrochemical industry branch. The firm controls the whole value chain of polyol production, from crude oil refining to polyol manufacturing itself. The output of the plant will be marketed across Europe and is an important input for much plastic production in sectors such as the automotive, packaging and construction sectors.
Eurofound (2024), MOL Petrolkémia, Business expansion in Hungary, factsheet number 201194, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201194.
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