Most Popular
-
1
Dongduk Women’s University halts coeducation talks
-
2
Defense ministry denies special treatment for BTS’ V amid phone use allegations
-
3
OpenAI in talks with Samsung to power AI features, report says
-
4
Russia sent 'anti-air' missiles to Pyongyang, Yoon's aide says
-
5
Two jailed for forcing disabled teens into prostitution
-
6
Trump picks ex-N. Korea policy official as his principal deputy national security adviser
-
7
South Korean military plans to launch new division for future warfare
-
8
S. Korea not to attend Sado mine memorial: foreign ministry
-
9
Kia EV9 GT marks world debut at LA Motor Show
-
10
Gold bars and cash bundles; authorities confiscate millions from tax dodgers
Mando Corp., one of South Korea’s leading auto parts manufacturers, said Friday that it completed construction of a plant in Brazil that will allow it to make inroads into the South American market.
It said the plant located in Limeira, in the eastern part of the Brazilian state of Sao Paulo, has been built on 55,000 square-meters of land and has a factory floor space of 13,000 square meters.
The company said it invested $50 million into the plant, which will hire around 100 local employees and mainly make anti-lock braking systems.
Output of ABS brakes is expected to reach 1 million per year in 2016, which would bring in an estimated $10 million with parts to be sold to Hyundai Motor Co. and GM.
Mando, which is part of the Halla Group, a conglomerate that has business operations in automobiles, construction and distribution, said it expects robust sales in Brazil and neighboring countries.
Brasilia has called for all cars sold after 2014 to have ABS brakes that can reduce accidents.
The company said that it plans to expand output so the plant can make automobile suspension and steering components.
The formal ceremony to mark the completion of the plant was held earlier in the day with Halla chairman Chung Mong-won and the mayor of Limeira taking part in the event along with 300 people representing many South Korean companies in the country.
(Yonhap News)
It said the plant located in Limeira, in the eastern part of the Brazilian state of Sao Paulo, has been built on 55,000 square-meters of land and has a factory floor space of 13,000 square meters.
The company said it invested $50 million into the plant, which will hire around 100 local employees and mainly make anti-lock braking systems.
Output of ABS brakes is expected to reach 1 million per year in 2016, which would bring in an estimated $10 million with parts to be sold to Hyundai Motor Co. and GM.
Mando, which is part of the Halla Group, a conglomerate that has business operations in automobiles, construction and distribution, said it expects robust sales in Brazil and neighboring countries.
Brasilia has called for all cars sold after 2014 to have ABS brakes that can reduce accidents.
The company said that it plans to expand output so the plant can make automobile suspension and steering components.
The formal ceremony to mark the completion of the plant was held earlier in the day with Halla chairman Chung Mong-won and the mayor of Limeira taking part in the event along with 300 people representing many South Korean companies in the country.
(Yonhap News)
