Opening ceremony for BorgWarner Morse TEC’s extension plant at Pyeongtaek

– Engine timing change system, upholds production capacity of about 1.5 million engines
– Gyeonggi-do, promises stable investment support to foreign investment enterprises 

BorgWarner Morse TEC (Korea) held a completion ceremony on Oct. 10 10:30AM, for its new expansion of an Engine Timing Change System Manufacture plant to be built in the Eoyeon•Hansan Industrial Complex (rental complex for foreigners) located at Cheongbuk-myeon, Pyeongtaek.

BorgWarner Morse TEC’s (US) Production Manager, Larry Hushfield and president of the Korean branch, Jang Incheong attended the ceremony with officials from the Gyeonggi-do government, Pyeongtaek City, and cooperates.

BorgWarner Morse TEC (Korea) is a foreign investment company invested 100% by America’s automobile components enterprise, BorgWarner. Investment figures put into the Pyeongtaek plant totals up to 25 billion won (Foreign Direct Investment of 5 million dollars) since 2002. This plant has the capacity of manufacturing up to 1.5 million engines.

BorgWarner Morse TEC (Korea) has expanded operations ever since it started operation in Sept. 2003. Sales have climbed gradually and 35 billion is expected this year.

Jang Incheong expressed his gratitude towards the Gyeonggi-do government and Pyeongtaek City for their efforts in assisting BorgWarner to expand its operations and growth within Korea in his welcome address. He also added plans of continuous investment after 2008 and to enlarge capacity to about 4 million engines by 2011.

BorgWarner Morse TEC (Korea)’s extension of its Engine Timing Change System Pyeongtaek plant includes high-tech domestic equipments which contributes to technology growth in Korea. Overall process of BorgWarner Morse TEC’s Timing Chang and Tensioner is significantly profound for the localization of core automobile parts.

24 high-tech foreign enterprises, including BorgWarner Morse TEC and Balzers, are now actively operating in Gyeonggi-do’s Eoyeon•Hansan Rental Industrial Complex for foreigners

An official of the Gyeonggi-do government remarked, “we are making efforts in creating an investment environment for stable investment activities for foreign enterprises already in Korea and also those that are planning to advance into the Korean market.