Shanghai (Gasgoo)- Cubic Sensor and Instrument Co., Ltd. ("Cubic"), a Chinese company specializing in smart gas sensors and superior gas analyzers, announced on December 25 that it intends to set up a new company in Hungary, named Cubic Sensor and Instrument (Hungary) Limited ("Hungary Cubic"), through its wholly-owned subsidiary, Cubic Sensor and Instrument (Hong Kong) Limited ("Hong Kong Cubic"). The newly registered company will be responsible for establishing a production base in Hungary to supply locally produced gas sensors to the company's European clientele.
The investment project, named the "Hungary Gas Sensor Production Base," will be located in Budapest, Hungary, with an investment not exceeding 100 million yuan. The primary focus of the project is the construction of a gas sensor production facility, with funds allocated for factory acquisition/rental, facility renovations, and equipment procurement.
As Cubic Sensor intends to utilize its wholly-owned subsidiary, Hong Kong Cubic, to hold 100% ownership of Hungary Cubic, the latter will serve as the operation entity for the gas sensor production base. Following the establishment of Hungary Cubic, Cubic Sensor plans to phase in the construction of the Hungary Gas Sensor Production Base based on specific factors such as company production capacity planning, downstream market demand, and project construction funding.
In recent years, Cubic Sensor has made significant strides in the automotive sensor business, successfully entering the automotive sensor market and maintaining a high growth trajectory. In 2022, the sales revenue from Cubic Sensor's automotive sensor business witnessed a remarkable year-on-year surge of 110.66%. The investment in Hungary underscores Cubic Sensor's commitment to enhancing its overseas supply capabilities, reaching a multitude of corporate customers and potential clients across the European region.
Highlighting Hungary as a pivotal location for China's "Belt and Road" initiative, Cubic Sensor emphasized the country's advantageous geographic position, well-developed infrastructure, cost-effective labor, and favorable investment environment. The establishment of the production base in Hungary is poised to enhance Cubic Sensor's overseas supply capabilities, cater to a broad spectrum of European customers, and improve the company's responsiveness to the demands and orders from the European market. The company added this strategic move is aligned with Cubic Sensor's dedication to meeting the evolving needs of its European clientele promptly and efficiently.
