Hidria Corporation Launches a Batch Production of Innovative Spark Plugs with Volkswagen Group as the Main Purchaser
The Hidria Corporation in Tolmin has launched a batch production of innovative spark plugs for cold staring of a diesel engine with pressure sensor, which reduces fuel consumption and emissions of harmful substances by 30%. Thus, it provides diesel engines with a more “clean” and “green” future and, as a result, a long lasting market presence.
Hidria intends to produce 1 million plugs per year, while its major purchaser will be Volkswagen Group. The development of the new spark plug took 8 years and 30 million euros of funds, half of which was invested in development, and the second half—in a high-tech production line. Thirty specialists including Hidria employees and invited experts participated in the creation of the innovative spark plug. The product is protected by 15 patents.
The entire production line was manufactured exclusively by employees of the corporation, which allowed to avoid the leakage of knowledge to competitors. Until 2024, it is planned to receive more than 100 million euros of total revenue from the sale of the new product.
In three years, Hidria Corporation will complete the process of financial restructuring ahead of schedule. In 2017, it produced 253 million euros of sales revenue. Current data indicates that in 2018 this figure will exceed 275 million euros. Hidria annually allocates 10 million euros for development and innovation and 20 million euros for the modernization of equipment. The company remains an export-oriented structure. The key market is the EU. In total, 72% of the Hidria’s production capacity is associated with the automotive industry.