According to Yonhap News,

(INCHEON=Yonhap News) The Incheon Free Economic Zone Authority (IFEZA) announced on March 23 that it held a groundbreaking ceremony for the construction of an automobile parts production and research facility of Hellermann Tyton, a British company.

Hellermann Tyton will invest KRW 14.4 billion (USD 13 million) in the establishment of a production and research facility for fasteners and fine plastic parts on 4,160.4㎡ of land in the knowledge-based industry complex. The company, which plans to complete the construction of the four-story facility by October, will be the first British company in the Incheon Free Economic Zone.

Hellermann Tyton established its Korea branch in 2002. The Songdo production facility will be its fourth in Asia, following those in Japan, Singapore and China.

Hellermann Tyton, established in 1933, is a global company with 34 subsidiaries around the world. As of 2013, the company’s sales reached KRW 831 billion. It has 3,300 employees and is listed on the London Stock Exchange.

"Hellermann Tyton has established a foreign-invested company in January with 100 percent investment from the Hellermann Tyton Group. It plans to build the facility by October and start producing products," said an IFEZA official.

kmg@yna.co.kr

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