Irish firms launch €100m Hungary project

TWO Bandon firms, SWS and local contractor James P Fleming have embarked on a €100 million-plus wind farm project in Hungary.

Both companies are currently part of a trade mission to Hungary, led by Micheál Martin, Minister for Enterprise, Trade and Employment.

The group has three wind farms in the south of the country and is involved in a second joint venture with Lisavaird Co-op in a wind farm in Northern Ireland.

SWS is owned by the four West Cork Co-ops and Dairygold and is expanding rapidly in the wind energy and waste management businesses.

It was the subject of a failed takeover bid by IAWS Co-op which had targeted the wind energy and the waste management parts of the business for a selective buy out.

IAWS boss Philip Lynch had expected to complete his €64m takeover offer by end October, which would have netted SWS management €16m over four years.

The breakdown in the talks last week has not halted progress in the group however, but it is now faced with finding alternative funding to drive the businesses forward.

Speaking in Budapest last night at a Hungary-Ireland Trade Dinner Minister Martin said trade between the two countries increased by 20% last year to over €360m.

He said that a growing number of Irish companies have put down roots in Hungary through sales offices, production facilities and other investments.

GDP in Hungary has been a solid 4.2% average since 1997 and the outlook remains positive for the economy.

Improving exports and strong industrial output suggests GDP this year of 4% while inflation has fallen to 3.7%.

Other companies on the mission include: Iona Technologies; Tanco Autowrap McHale Engineering and Norkon Technologies.