VIDEOTON has had a stable year in 2020

Despite the extraordinary challenges of 2020, the VIDEOTON company group, which has nearly 7000 employees, is expected to close a consistent year: the turnover will be slightly above the 2019 level. The prospects for new businesses are even more favourable than last year.

At the closure of 2019, clear signs of a global slowdown have outlined, followed by a pandemic caused by the coronavirus, which brought economic crisis, putting the whole world and VIDEOTON to an unprecedented trial. Despite this, the turnover of the financially stable, diversified company group, which has 21 subsidiaries, will expectedly reach 192 billion Ft, while taking advantage of new business opportunities, business position has significantly improved, so their prognosis for 2021 is better than it was in 2020.

In the portfolio of VIDEOTON, electronic production and assembly continue to present the highest proportion, which could further increase its turnover compared to previous years. Regarding industrial distribution, despite the first crisis, which appeared in the automotive industry, this sector has maintained its leading position. With the development of electro-mobility, new market areas are about to open for VIDEOTON thanks to the opportunities related to e-car component manufacturing. Besides, the growth of fastening IoT and communication business due to the virus means another opportunity.

Despite the crisis, investments did not stop in 2020; three-fourths of the 7.4 billion Ft development was a technological modernization. A significant decrease occurred in the number of employees in April-May because of the negative effects of the COVID crisis. By the end of the year, the company group could entirely rebuild it, taking into account the Hungarian employees.

The fight against the coronavirus, supporting the defence in the settlements hosting VIDEOTON, and of course, the health protection of the employees were an absolute priority during 2020: the expenditure of the company group on this exceeds 150 million Ft.