BUSAN < invest Korea

According to Yonhap News,

Geislinger, an Austrian dampers and couplings manufacturer, has decided to invest 10 million dollars in Mieum Component Industrial Complex in Gangseo-gu, Busan.

Geislinger concludes an MOU with Busan City on Jan. 26 at the Busan City Hall. The city mayor Heo Nam-sik and Geislinger CEO Cornelius are to attend the MOU signing ceremony.   

The Austrian manufacturer is planning to invest 10 million dollars to build cutting-edge manufacturing facilities on 11,570 square meter-land within Mieum Component Industrial Complex specialized in foreign investment.

Busan City will rent the land within the complex to Geislinger for maximum 50 years and provide administrative supports including approval and permission for business.

An official at the city said "Our two year-long relentless efforts to promote our competitiveness have eventually enticed Geislinger to invest in Busan, making the company scrap its original plan to build the factory in China."

The Salzburg-based Geislinger established in 1958 is a global enterprise manufacturing couplings and dampers and recording 120 billion KRW in sales revenue in 2011.

Products manufactured in the newly built factory will be provided to Doosan and STX.

The official said "Geislinger's manufacturing here in Busan will help components to be supplied in a timely manner, which could enhance competitiveness of ship costs, adding that "Wind power generator components that utilize the domestic technology of damper will vitalize other related industries."

Meanwhile, Mieum Industrial Complex was designated as the foreign investment zone (331,190 square meters) by the Ministry of Knowledge Economy in December, 2011.

Designation of foreign investment zone offers companies various incentives, such as free rental of land for maximum 50 years and tax break.

Source Text

Source: Yonhap News (Jan. 25, 2012)

** This is an English translation of a Korean news article.