* Parker Hannifin, a world-famous multinational, decided to invest $50 million (=50 billion won) in Jangan-1 Complex in Hwaseong to build a factory for pneumatic precision machinery parts of cars, trucks and airplanes. Parker Hannifin and the Gyeonggi Provincial Office signed an MOU to such an effect at the former’s headquarters building in Cleveland on June 21. 

* Parker Hannifin has a total of 45,000 employees working in 250 factories in 45 countries all over the world. Its top management spent some time making comparison between Korea and China as the site of its new factory in Asia and made the final decision in favor of the site in Gyeonggi Province after paying a visit to it. 

* Pneumatic precision machinery parts to be made by Parker Hannifin at its new factory in the factory in Hwaswong are those that domestic manufacturers are not able to make and thus designated by the Ministry of Finance and Economy as highly advanced technology products. Thus, it is expected that it will have a great impact on domestic businesses’ efforts for technological development and quality enhancement. 

* In Hwaseong and Pyeongtaek, there are seven leased industrial complexes exclusively for foreign businesses. Recently 3M held a groundbreaking ceremony (in May) and ULVAC completed a factory in this area. It appears that they aim to take the geographical advantage of the area, i.e. getting easy access to China via Pyeongtaek Port and utilizing highly skilled laborers in the Seoul area. 

* Parker Hannifin ranks as the 298th among the Fortune-500 businesses, with the annual sale of $7.1 billion (= 7 trillion won). It chiefly produces core machinery parts for cars and the fuel supply/control system of airplanes. It has factories in Dongtan, Cheonan and Yangsan, which post 150 billion in combined sales, employing 600 employees in total. 

* The provincial office has been in touch with Parker Hannifin, persuading it to invest in the province, for several months. It is said that its President Nickolas Steeg’s visit to Gyeonggi Governor Sohn Hak-kyu on May 27 was instrumental in concluding its decision on investment. 

Gyeonggi Province Investment Promotion Department (+82-31-249-2766) 

Introduction of an event 
* Event: Signing of MOU between Parker Hannifin and Gyeonggi Provincial Office 
* Time/date: 15:00 ~ 16:30 on June 21 (Tue.) local time in the U.S. (Korean local time: 04:00~05:30 on June 22) 
* Place: Parker Hannifin’s Headquarters building (in Cleveland ) 
* Signed by Parker Hannifin President Nickolas W. Vande Steeg 
* Contents of MOU 
– Size of investment: $50 million in Jangan-1 Complex (10,000 pyeong = 8 acres) in Hwaseong 
– Details of investment: Building a factory for pneumatic precision machinery parts of cars, trucks and airplanes.