Doherty Hungary held the opening ceremony for its new, 2000sqm production facility in Orosháza with the participation of Minister of State for Economic Regulation Kristóf Szatmáry.

Costs of the investment project – including machinery and equipment – totalled HUF 302 million, of which HUF 100 million was funded by the EU within the South Great Plain Regional Operational Programme. Doherty, a manufacturer of precision engineered components such as spindles and shafts, has since 1998 invested EUR 4 million at its Orosháza site. The company’s output has increased spectacularly in the past couple of years: while annual revenues were HUF 985 million in 2006, they amounted to HUF 1,856 million in 2012. The number of employees at Doherty Hungary is currently 133.

It was in 1998 that the Doherty family established a new production facility in Orosháza. In 2007, Jim Doherty assumed the direct management of the company and in the next five years the new management accomplished great results, founder of the enterprise Patrick Doherty said at the opening ceremony. He added that the company manufactures 11-12 million spindles and shafts for household appliances and cars, mainly to fulfil international orders.

Kristóf Szatmáry called the company an “exemplary enterprise” among domestic SMEs, as it's achievements mirror every priority field of the Government’s economic policy. Doherty has been constantly investing in further development, it employs people from the region, produces internationally competitive goods and more than 80 percent of its products go to export, the Minister of State said.

Speaking about the Government policy to improve the business environment, Kristóf Szatmáry emphasized that in the past three years the Government had removed the largest obstacles hindering the growth of the SME sector and thus competent and agile enterprises – such as Doherty – are able to develop. Among further economic achievements, the Minister of State mentioned a stable budget and a new taxation system which is competitive even from an EU perspective, in addition to which he underlined the new interest rate policy of the National Bank of Hungary, which he believes will deliver an economic breakthrough as enterprises will have access to cheap loans.

He also informed those present that the Government has been utilizing diplomatic channels within the framework of its “Opening to the East” policy in order to boost exports, while measures aimed at stimulating domestic consumption will enhance output prospects on the Hungarian market.

(Ministry for National Economy)