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Piolax, the largest automobile parts manufacturer in Japan, has decided to move into Songdo, in the Incheon Free Economic Zone (IFEZ).
Piolax will make an investment of KRW 16.5 billion to build manufacturing and R&D facilities in the Songdo Knowledge and Information Industrial Complex by 2014. It is to meet increased demand from Nissan Motor Company and Hyundai with improved manufacturing capability and new machinery, according to IFEZ on Monday.
Once the facilities are developed, Piolax plans to recruit an R&D workforce and enhance R&D technology with investment from its headquarters.
An IFEZ official said investment from Japanese companies including TOK Advanced Materials and Ajinomoto Korea despite the low yen is significant. He added that the advanced technology of Piolax is expected to contribute to the Korean market.
Source: Newsis (May 21, 2013)
** This article was translated from the Korean.