JEOLLABUK-DO < invest Korea

According to Pulse by Maeil Business News Korea,

LS Mtron Co., South Korea’s heavy machinery and electronic components manufacturer, said Thursday that it will invest about 50 billion won ($37.5 million) to build a new military track factory in Wanju, North Jeolla Province, by 2026.

LS Mtron signed an investment agreement with Jeonbuk Special Self-Governing Province on Wednesday.

LS Mtron plans to separate its military track business from its existing factory in Jeonju, also in North Jeolla Province, to focus on enhancing productivity and respond quickly to the rising demand in the defense industry.

The new plant will be located just 4 kilometers from the existing plant, allowing it to utilize existing infrastructure. Key partners are located in the same industrial complex, enhancing production efficiency.

LS Mtron has been the exclusive supplier of tracks for tanks, armored vehicles, and self-propelled guns to the country’s Ministry of National Defense for 50 years since starting its military track business in 1974.

“It is a crucial time to respond agilely to the continued growth of the defense industry,” said an unnamed official from the company. “We plan to strengthen our track productivity and promote the excellence of K-defense to the world.”


By Pulse

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Source: Pulse by Maeil Business News Korea (January 25, 2024)