^^^^^ Oops I must of been thinking of something else, my error sorry.
No. You are correct. It was originally loaded in Switzerland & Germany as you see on the old blue and black boxes. Later on it was outsourced to the Matra Metalworks in Sirok, Hungary.
It later appeared in red and black boxes, now it is in all white boxes. The box redesign seems to have occurred right before Beretta Holdings purchased RUAG in 2022. It is not very common anymore, but I bought quite a bit from Target Sports USA.
After doing some research and evaluating some ammo samples I realized that Target Sports USA's "New Republic" line of ammo is also made in Sirok, Hungary. Hungary has very few ammunition/ small arms manufacturers, and the largest was the former state factory in Sirok which is Matra Metalworks (Mátravidéki Fémművek, Sirok).
New Republic ammo is made in Sirok, Hungary at MFS, likely on the same tooling as GECO. I have examined the headstamp text, primer and case construction and the two brands are nearly identical. In talking to Ammotec, they do outsource components from different places and I think GECO is a cut above New Republic.
I've shot over 6k New Republic 9mm 124 gr. and 115 gr. as well as their .380 ACP. No issues, reliable and fairly accurate. Not quite as clean as GECO, but acceptable and superior to most American manufacturers.
TL;DR: New Republic ammo is largely the same as GECO.
