Governor Kim Attracts Investment Worth USD 86 million
(Published January 30, 2013)

[Visit to Japan 1] World’s largest clutch manufacturer set to move into Pyeongtaek

◇ Gyeonggi Province Governor Kim Moon-soo (right) visited the Mori Tower in the Roppongi district in Tokyo this 29^thto meet Satosimichi Matsuda (center), executive director at FCC, and Nam Uk-hui (left), CEO of Seojin Automotive, to sign a three-party investment MOU.
Governor Kim Moon-soo, Satosimichi Matsuda and Nam Uk-hui pose for a photograph to celebrate the inking of the contract. ⓒ G-News Plus
 
Gyeonggi Province has been successful in attracting the world’s largest clutch manufacturer.
 
Gyeonggi Province Governor Kim Moon-soo (right) visited the Mori Tower in the Roppongi district in Tokyo this 29th to meet Satosimichi Matsuda (center), executive director at FCC, and Nam Uk-hui (left), CEO of Seojin Automotive, to sign a three-party investment MOU.
 
FCC has the largest market share of the market for two-wheel vehicle clutches in the world. It will establish a new joint-investment company on a 50:50 basis with Seojin Automotive, an affiliate of Hyundai Motor Company.
 
FCC and Seojin will jointly run a vehicle parts manufacturing plant worth USD 86 million (KRW 96 billion) at a 43,527㎡ site. The new facilities, whose construction will get under way this July, should be up and running by September 2014.

FCC is an affiliate with fully built unit and two-wheeled vehicle companies such as Honda, Suzuki, and Yamaha. FCC has also debut in the international market with Honda. This will mark their first overseas advance without Honda.
 
Seojin Automotive is an affiliate of Hyundai-Kia, GM, Renault Samsung, Daewoo, and Shanghai Automotive. This contract will secure Hyundai a steady source of parts for new models. The plant will recruit 127 employees and create 250 more indirect jobs, thereby stimulating Pyeongtaek’s economy.
 
The facility will also acquire Japan’s original wet clutch and press technology, boosting Gyeonggi Province’s competitive edge and overseas exports. So far, the domestic wet clutch market has been monopolized by foreign companies, but thanks to this contract, the market dynamic is expected to change in Korea’s favor.

Governor Kim said, “We hope this will be a win-win model for the Korean and Japanese companies. I hope this joint-investment will serve as a model for the industry and help further develop Korea’s automotive business.”
 
ⓒ G-News Plus News | Nam Gyeong-woo echo2008f@gg.go.kr
 
http://gnews.gg.go.kr/news/news_detail.asp?number=201301300921267055C052&s_code=C052