CHUNGCHEONGBUK-DO < invest Korea

According to Yonhap News,

In Chungju, Chungcheongbuk-do, where Hyundai Elevator is located, related companies continue to make investments.

Chungju City and Chungbuk-do signed an investment agreement worth KRW 16.8 billion with four elevator parts manufacturers, Woojin Electric, Seowon Export Packaging, Samjin, and Seongjin on March 2.

They are said to have made investment decision to reduce logistics costs and strengthen connectivity, due to relocation of Hyundai Elevator to Chungju.

Woojin Electric, which produces elevator control panels, etc., is already operating a factory in Chungju 4th industrial complex, which will be expanded by 5,562㎡ by the end of this year according to this agreement. It will invest KRW 5.5 billion.

Seowon Export Packaging, a manufacturer of elevator parts packaging materials, will also invest KRW 5 billion to complete construction of a 1,321 ㎡ factory in Dochon-ri, Geumga-myeon, within this year.

Samjin will invest KRW 3.5 billion to newly build a 1,652 ㎡ factory in Songgang-ri, Sancheon-myeon, and start production activities such as assembling elevator doors and manufacturing brakes in the second half of this year.

Sungjin, which manufactures elevator doors, will complete the construction of a 1,650㎡ factory in Chungju 2nd Industrial Complex, investing KRW 2.8 billion, within this year.

These companies each plan to employ 20 to 50 people.

A city official said, “As Hyundai Elevator and related companies continue to relocate, Chungju is establishing itself as a base for the next-generation elevator industry," adding "We will not spare any effort to support related companies settle down stably and grow."

Hyundai Elevator completed the relocation of its headquarters and factory to a site of 173,097㎡ in Chungju 5th General Industrial Complex on February 7, opening the era of the Chungju smart campus.

jusang@yna.co.kr

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Source: Yonhap News (March 2, 2022)