Hyosung plans to invest around $150 million in a plant in Romania to produce auto airbags and tire components.
Hyosung, a chemical and trading company in South Korea, aims at starting production at the plant in the next period, not mentioning what exactly this means. Hyosung is also known as a large industrial conglomerate operating in 6 segments: industrial materials, construction, heavy industrial systems, textiles, international trade business and chemicals.
The project negotiations have already been settled by Lucian Isar, the delegate minister for the business environment, and the management of Hyosung Corporatio. The two parties signed a MoU and an industrial cooperation protocol on May 21st and 22nd in South Korea, during the Committee for industrial cooperation Romania – Korea Republic.
Romania has attracted important companies in the auto industry such as Pirelli which produces steel cords and car tyres at Slatina, and anti-particulate filter for diesel engines at Bumbesti Jiu-Gorj. Pirelli’s investment the country will reach 450 million euro by 2014. Continental and Draxlmaier, two German car-parts makers, will reach investments of 169 million euro by 2013, while Bosch plans to build an auto technology plant at Cluj-Napoca worth 77 million euro.