Industry Manufacturing Area served Worldwide Founded 1976 Net income 35.18 million USD (2013) Total assets 275.4 million USD (2013) | Headquarters Singapore Revenue 302.2 million USD (2013) Type of business Private Total equity 216.9 million USD (2013) | |
Key people Zsolt FelcsutiCsaba BálintPéter Körmöczi-KovácsLawrence Fong Products Precision industrial components, abrasives, heating devices, powertool accessories, tools, building materials, furniture Profit US$ 35.18 million (2013) | ||
MPF Industry Group is a multinational manufacturing company with major investments in East-Central Europe and in the Far East. According to Forbes magazine, it is the third biggest Hungarian owned family business. MPF Industry Group is featured in 1000 Companies to Inspire Europe published by the London Stock Exchange.
Contents
Founding
The story of MPF Industry Group started in 1976 when Csaba Felcsuti established a business with a group of entrepreneurs in the socialist Hungary. However, private companies were not even legal in Hungary at the time, Mr. Felcsuti was one of the first who wanted to gain advantage from the communist government’s first free market initiatives, so as the law made it possible, Mr. Felcsuti started to work as a private entrepreneur. Later, Csaba left the group and started to manufacture tools in the garage of his house.
New business opportunities
At the time, when communism started to collapse, the son of Csaba Felcsuti, Zsolt Felcsuti was working in Switzerland. As several DIY store chains appeared in the Hungarian market the father and son saw the only time business opportunity to make the next step out of the garage based manufactury. In a 2006 interview with Zsolt Felcsuti released in Financial Times the following was written about this chapter of MPF Industry Group history:
"At the time, several foreign DIY retailers were entering the Hungarian market, selling mostly imported goods, including power tools. That looked like an opening to Mr Felcsuti, despite the fact that he and his father had no power tools to sell. The two worked hard to produce models for about 200 tools before approaching a senior buyer at Baumax, an Austrian-owned chain. “He said, ‘I’ll give you five minutes because you speak such good German’.” The five minutes were enough to win a purchase order for €6,000 worth of power tools they had never produced nor had the money to produce. So, he borrowed €10,000 from a friend and has never slowed down since."
Expansion
In the 1990s the demand for powertool accessories growed very fast, Zsolt Felcsuti and his father formed MP Meta, which was the first brand name of the company, and the predecessor of MPF Industry Group.
After gaining a market share in Europe, the company started to expand its manufacturing activity and bought up Widenta, which today is the largest grinding wheel and abrasive factory in East Central Europe. For the coordination of the group, MPF Holding was established in 2003.
In 2005 MPF acquires Bajai Bútoripari Kft., one of the biggest furniture factories in Hungary.
In 2006 MPF formed a joint venture in China, which was the first interest of the company in the Far East.
Acquisitions
The 2008 economic crisis did not effect the performance of MPF Industry Group. Taking advantage of the group’s very good liquidity status the company started to make further acquisitions in the manufacturing sector.
In 2008, the group bought Clarflex, which is specialized in the manufacturing of flexible abrasive products.
In 2009 MPF Industry Group bought up one of the largest building material factories in East Central Europe from Henkel.
In 2010 FÉG (Weapon and Machinery Manufacturing Ltd.), the biggest East Central European heating device manufacturer was acquired by MPF Industry Group.
International highlights
MPF Industry Group’s two major market today is the European Union and the United States. Its seat is located in Singapore.
Abrasive manufacturing
MPF Industry Group is very active in the abrasive industry. In 2003 it acquired Widenta, which is today the largest abrasive factory in East Central Europe and in 2008 it bought up Clarflex which is specialized in the flexible abrasive manufacturing. Beside the product lines of Widenta and Clarflex we can find differend grinding and cutting wheels, vitrified and resin bonded abrasives and flexible abrasive products.
Heating device manufacturing
Since MPF Industry Group Acquired FÉG, the biggest East Central European heating device factory, it produces and distribute several HVAC products.
Powertool accessories
MPF Industry Group is a significant manufacturer in the powertool accessories industry, with brands such as MP Meta. It’s product portfolio includes: grinding technic, sawing technic, cutting technic, drilling and milling technic products, protective equipment and other machine accessories.
Building materials production
In 2009 MPF Industry Group bought up one of the largest building material factories in East Central Europe from Henkel.
Furniture manufacturing
In 2005 MPF acquired Bajai Bútoripari Kft., one of the biggest furniture factory in Hungary.