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According to Yonhap News,

(GYEONGSAN=Yonhap News) On June 13, Kyeongbuk Technopark announced German automotive company HBPO will build its Asia FEM R&D Center on its grounds.

HBPO is a global company with manufacturing and R&D facilities all over the world including Europe, the U.S. and China. The company currently employs about 2,300 workers and its total sales amount to KRW 2.6 trillion.

HBPO has a 23% share of the global market for FEM, including head lamps, engine cooling systems and electronic devices and supplies parts for clients such as BMW, Mercedes-Benz and Chrysler.

On June 12, representatives from Kyeongbuk Technopark and HBPO signed a business agreement for the construction of the R&D center.

HBPO will construct the center together with Korean automotive parts company SL and joint venture SHB.

Kyeongbuk Technopark expects the global market for FEM will grow to USD 119 billion by 2020.

Lee Jae-hoon, director of Kyeongbuk Technopark stated, "We look forward to seeing our regional companies taking up more prominent positions in the global market for auto parts."

yij@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (June 13, 2018)