CHUNGCHEONGBUK-DO < invest Korea

According to Yonhap News,  

Kukje Machinery, a north Chungcheong (Chungbuk)-based agricultural machinery manufacturer, signed a 60 billion won-memorandum of understanding (MOU) on partnership with the Chinese automaker Cherry.

Cherry, China's second largest automobile manufacturer, is also equipped with production lines for agricultural machinery including excavators and combine harvesters.

Under the MOU, Cherry will sell 6,400 rice transplanters and combine harvesters, to be manufactured by Kukje Machinery during the 2013-2014 period, to China.

The Chinese automaker will pay 20 billion won to Kukje Machinery which will in return transfer its technology for agricultural equipment to Cherry.

"The partnership with Cherry is expected to create about 100 jobs and generate 35 billion won of production," said a member of Kukje Machinery.

Source Text

Source: Yonhap News (Oct. 22, 2012)

** This is the translation of a Korean article.