Hungarian-owned Magnus Aircraft will build a 5.2 billion-forint (17.2 million forint) plant in Pécs, in southern Hungary, according to wire service MTI.

Speaking to a press conference on Thursday, Foreign Minister Péter Szijjártó announced that the Hungarian government is providing a 2 billion-forint (approx. 6.5 million euro) grant to aid the plant’s construction, an investment which is projected to create at least 105 jobs.

Magnus Aircraft was the first company in the world to develop a two-seat aircraft made from composite materials that was also capable of aerobatics. You can view a video of one of their airplanes below:

The minister also expressed his view that there will be a growing market for Magnus Aircraft’s planes in China in the near future, since changes to Chinese aviation law have created a greater demand for light airplanes.

The aircraft manufacturer is expanding internationally as well; Magnus recently founded a company in America, as well as a joint venture firm in China.

László Boros, the company’s CEO, said that the factory’s construction would begin next to the Pécs-Pogány airport in September, and added that the plant itself will have over 7500 meters of floorspace.

Boros also emphasized the ongoing innovative work of Magnus, telling the press conference that, through the use of innovations designed by German multinational Siemens, an electronic version of the company’s aircraft would soon be available as well.

Via MTI and index.hu

Images via MTI and magnusaircraft.com

Video via Magnus Aircraft YouTube Channel