Hungarian auto components supplier Raba has signed an agreement with German Kirchhoff Group for the supply of 600 000 pieces of pressed components to Western European passenger cars makers, Raba said in a statement. The five-year contract is expected to generate HUF 0.5bn ( EUR 1.7mn ) in annual revenues. Raba considers the agreement has a strategic significance for the company as it enables Raba's Mor based unit to widened its clientele with a view to diversity. Raba's goal is to establish a stable, long-term cooperation with its new partner and achieve further growth through the utilisation of the company's proven technology and capacity, reads also the statement. In August 2013 Raba said rising exports helped it boost net profit to HUF 1.9bn in the first half of 2013 from HUF 159mn a year earlier. The company's exports jumped by 23% y/y to HUF 18.7bn.
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