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According to Yonhap News,
(HONGSEONG=Yonhap News) South Chungcheong Province announced March 9 that South Chungcheong Province Governor Ahn Hee-jung and Cheonan City Mayor Gu Bon-yeong signed an investment agreement with CEO Christian Noll of ContiTech Fluid Ltd. in Frankfurt, Germany during their visit to Israel and Germany to attract foreign capital.
ContiTech Fluid Ltd. will invest USD 19 million by 2020 in the foreign investment zone of the Cheonan Industrial Complex No. 5 to build an air conditioning hose manufacturing plant.
The province and Cheonan City will provide administrative support for ContiTech Fluid Ltd. to establish and begin operation of the plant.
ContiTech Fluid Ltd. is a subsidiary of the Continental Group, a global auto parts company.
jkhan@yna.co.kr
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Source: Yonhap News (Mar. 09, 2016)
** This article was translated from the Korean.