TISZAUJVAROS, Hungary—Mol Group and Thyssenkrup Industrial Solutions have signed an agreement to establish a polyol complex in Tiszaujvaros.
The manufacturing complex is planned to be operational by the second half of 2021. The firms said ground works and basic construction activities are set to begin in the fourth quarter of 2018.
The complex will have a polyether polyol production capacity of 200,000 metric tons per year when fully operational and will represent a $1.4 billion investment. Mol said the project represents its largest investment.
Mol Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in more than 30 countries with a dynamic international work force of 26,000 people. The firm operates four refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia. It also owns a network of nearly 2,000 service stations across nine countries in Central and Southeastern Europe.
Thyssenkrupp is a diversified industrial group with a growing share of capital goods and service businesses and traditional strengths in materials. The firm employs 158,000 in 79 countries with sales of about $48.3 billion.