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Hyundai ARC Korea Breaks Ground for its Gimcheon Plant 상세내용
- 제목
- Hyundai ARC Korea Breaks Ground for its Gimcheon Plant
- 등록일2020-11-09 10:45:17
- 작성자 investment [ 권석호 ☎054-880-4612 ]
- 내용
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On November 3, Hyai ARC Korea, a joint venture between Hyai Global Motors, Co., Ltd. and ARC Automotive, Inc. (US) held a grobreaking ceremony for a new plant in the Gimcheon 1 General Industrial Complex. Marking the beginning of the joint venture’s sizable investment in the area, the ceremony was attended by 30 local and industrial representatives, including Gyeongsangbuk-do Governor Lee Cheol-woo, Gimcheon-si Mayor Kim Chung-seop, the CEO of Hyai Global Motors, the Korean branch manager of ARC Automotive, and members of the Gyungsangbuk-do Council.
Hyai ARC Korea will invest KRW 100 billion in Gimcheon (a foreign direct investment worth USD 42.5 million) to build an advanced automotive materials (automotive airbag inflator) plant on a 77,619 m2 area by 2024. The project is expected to create aro 300 jobs in the city.
In 2018, Hyai Global Motors (HGM) built the first semi-knocked-down (SKD) and complete knocked-down (CKD) plant for Hyai commercial vehicles in Vietnam and became the sole supplier of Hyai trucks and buses in the country. By widening its offerings to include cash transportation cars, refrigerated trucks, tank lorries, and military vehicles, it pioneered the entry of Hyai commercial vehicles into overseas markets.
Foed in 1940, ARC Automotive is an American enterprise specializing in automotive parts and materials. With its 70-years of knowledge and expertise, the company operates six production plants across four countries (United States, Mexico, China, and Macedonia) and supplies core materials for automotive airbags to automakers inside and outside the United States. It currently holds the third-largest market share in the global market.
The strategic joint investment in the airbag inflator plant is expected to greatly contribute to mitigating Korea’s dependence on imported inflators and boosting the competitiveness of the materials, parts, and equipment industries in the country.
Korea currently imports all inflators used in the country. Hyai ARC Korea plans to address the situation by obtaining the core inflator manufacturing technologies from ARC Automotive and launching its own products within two years. Then, the products will be supplied to Hyai Motor Company and Kia Motors, with a plan to access the Southeast Asian markets.
Governor Lee Cheol-woo commented, “Boosting our local industries requires strategic collaborations with foreign enterprises, which will allow us to combine Korea’s facility operation and manufacturing technologies and the core source technologies, capital, and business knowledge of overseas enterprises. We will not spare any effort in supporting businesses and fostering a business-friendly environment so that the success of the joint investment will lead to further investments in Gyeongsangbuk-do by foreign enterprises.”
- 담당부서 :
- Gyeongsangbuk-do Provincial Gove
- 전화번호 :
- 054-880-4614
