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SeungGwang Inc. to Invest in Wanju Techno Valley

(WANJU = Newsis) SeungGwang Inc., a subcontractor for Hyundai Motors, decided to invest some KRW five billion in Wanju Techno Valley, Jeollabuk-do.

The province and Wanju-gun announced on February 18 that they signed an investment agreement with the company at the company’s meeting room. The signing ceremony was attended by the president of the company and other provincial officials.

SeungGwang Inc. decided to invest as its output rose after it began to run its factory on two-shift rosters.

By investing KRW five billion in 11,272m2 sites of Wanju Techno Valley, the company will be able to develop production lines for its main item automotive mufflers and other new items including gearbox and gear stick.

It also plans to establish a testing center for product quality management. “Reinvestment by the subcontractors of Hyundai Motors shows the outcomes of the local economy” said an official of the county. “The county and SeungGwang Inc. will be reliable partners. We ask the company to think this reinvestment as the second act of the business.”

SeungGwang Inc. began its operation in Wanju in 2008 and has shown moderate growth as a subcontractor of Hyundai Motors for automotive mufflers.

Source Text

Source: Newsis (Feb. 18, 2014)

** This article was translated from the Korean.