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Bosch Korea to Invest KRW 130 Bn in Wiper Joint Venture
Date
2016.06.27
Views
1630

According to Yonhap News,

(SEOUL=Yonhap News) By investing KRW 130 billion, the global car parts manufacturer Bosch will produce wipers in Korea starting in January 2017.

  

Robert Bosch Korea (Bosch Korea) held a press conference at the Federation of Korean Industries in Yeoido, Seoul on June 23. The company's CEO Frank Schaefers said at the event,"Korea continues to be an important market for Bosch. We see an increasing demand for our diverse range of products and services in Korea.”

Bosch employed 1,900 people in Korea and invested KRW 34 billion in various projects as of last year .

One of the company's major projects is KB Wiper Systems Co., Ltd., a 50-50 joint venture established with KCW last April to locally develop, manufacture, and market car wipers.

Bosch plans to invest KRW 130 billion in KB Wiper Systems by 2018 to begin production starting next January in manufacturing facilities located at the Daegu National Industrial Park .

Bosch generated revenue of KRW 2.2 trillion last year in Korea, up 6 percent from a year ago. This year's sales in Korea is expected to increase by 2~4 percent backed by the gradual recovery of the domestic economy.

The automotive components supplier aims to focus on automated driving, electrification, and connectivity, which are emerging as key trends in the global car market.

Bosch has a plan to complete development of an unmanned parking system within the next two years and self-driving technology by the end of 2019. The company announced that sales of radar sensors and video sensors, which are vital components to self-driving, are growing rapidly.

Bosch Korea sees great potential in a two-wheeled vehicles and commercial vehicles and established a dedicated team for the products. CEO Schaefers expects self-driving will significantly contribute to reducing traffic accidents.

The global auto parts and solutions provider is currently working to enhance performance of its products including automotive batteries, electric motors, and electric power trains.

Robert Bosch Korea is currently diversifying its business in Korea to industrial automation, power tools, and security systems.

bluekey@yna.co.kr

Copyrights Yonhap News. All Rights Reserved.

Source Text


Source: Yonhap News (Jun. 23, 2016)
** This article is translated from the Korean.

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