DAEGU < invest Korea

According to Yonhap News,

VALEO, a global auto parts company, will invest USD 35 million (about KRW 42.6 billion) in Korea to build R&D and production facilities for future-oriented auto parts.

According to the Ministry of Trade, Industry and Energy (MOTIE), an investment notification ceremony was held in the presence of Minister Moon Sung-wook and CEO Christophe Perillat of Valeo in Paris on March 22.

Valeo, established in 1923, is a French auto parts company. It has 191 production facilities and around 110,000 employees in 33 countries around the world. Starting with Pyeonghwa Valeo in 1988, it has been also producing auto parts in Gyeongju and Daegu in Korea.

This investment is to build production facilities and R&D in the smart mobility field of the future-oriented car industry in Daegu and Gyeongbuk regions.

Valeo is known to have decided to invest in Korea in consideration of the high-quality ecosystem of auto parts suppliers.

This investment is expected to contribute to strengthening the technology base and supply chain of domestic future vehicles.


bryoon@yna.co.kr

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Source: Yonhap News (March 22, 2022)