Invest KOREA

According to Pulse by Maeil Business News Korea, 

General Electric Co. (GE) and Siemens AG, the world’s prominent players in the smart factory market, are poised to go head-to-head in the Korean market dubbed as the most wired economy with high proliferation of Internet and mobile technologies and applications.

GE and Hanwha Techwin Co., aviation and defense manufacturing unit of South Korean conglomerate Hanwha Group, signed a memorandum of understanding (MoU) to collaborate in the industrial Internet sector on Oct. 12. The two have partnered in broad areas including joint development of engine parts for Korean Fighter Experimental (KF-X) aircraft signed on July 12 and gas turbine and compressor package project agreed on June 15.

Under the recent deal, GE’s solutions such as Predix, Asset Performance Management and Brilliant Factory, will be applied to digitalize Hanwha Techwin’s factories in aviation and defense sectors.

Siemens AG, Germany-based engineering behemoth, will build a high-tech electronics demonstration plant together with South Korean industrial equipment maker Hyundai Wia Corp. by 2018, as a test bed for fully automated production in Asia.

Germany’s leading pneumatic and mechanical components manufacturer Festo AG and industrial robot maker KUKA AG are joining the project to install a smart factory in Korea.

By Kim Jung-hwan

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Oct. 17, 2016)