DAEGU < invest Korea

According to Yonhap News,

Hyundai Cummins Engine, jointly invested by Daegu-based Hyundai Heavy Industries and U.S.-based Cummins, is to hold a groundbreaking Thursday for a diesel engine factory at Daegu Technopolis.

About 250 people, including Hyundai Heavy Industries CEO Lee Jae-seong, Vice President of Cummins Nober Nusterer, Daegu Mayor Kim Beom-il, Chairperson of Daegu City Council Lee Jae-sul and Daegu citizens, will attend the groundbreaking ceremony.

The joint venture will invest a total of USD 100 million to build a factory with an annual manufacturing capacity of four types of 50,000 high-speed industrial diesel engines ranging from 5,900 to 8,900 tons. In addition, it will hire most of the 500 employees in Daegu.

Hyundai Cummins Engine is aiming at recording USD 507 million of sales in 2022.

Its production of diesel engines in Daegu, focusing on machinery, metal and automobile industries, will create synergy effects with regional industries, the city expects.

"The factory is expected to contribute to establishing an automobile and machinery industrial cluster that links our relevant industrial complexes all together from Seongseo and Dalseong Industrial Complexes and Technopolis to national industrial complexes.

Source Text

Source: Yonhap News (Nov. 7, 2012)

** This is the translation of a Korean article.