Lipóti Tóth & Társai Ltd., a Hungarian family business, inaugurated its new baking plant in Hatvan. The company invested EUR 53.3 million in the country’s largest factory, which produces bread, pastries and confectionery products, Diplomacy & Trade reports. With the expansion, 260 workers will be hired to the team.

Péter József Tóth, founder and owner of the company, said at the opening event that the 20,000-square-meter plant was built in two years. To fund the investment, the bakery received a EUR 17.8 million government grant and a substantial equity contribution, as well as a bank loan, the news outlet details. The investment should ensure full national coverage in the domestic market within the following two-three years.

The Hungarian Minister of Finance, Mihály Varga, also attended the inauguration. He stated that the government’s strategic goal is to rebuild the domestic food industry, which was weakened during the period of reunification, Hungary Today reports.

Lipóti Tóth & Társai employs 70 subcontractors and has around 350 outlets, selling its fresh products almost everywhere in Hungary.

Photo: Lipóti Tóth & Társai social media