Daegu-Gyeongbuk Free Economic Zone Authority

Pyeonghwa Holdings & NOK Form Joint Venture in DG-FEZ

2012-10-18 09:55:19

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Daegu Gyeongbuk Free Economic Zone Authority (DGFEZA) and Gyeongbuk Province signed an MOU with Pyeonghwa Holdings and NOK Corporation (Japan) to form a 61 million USD joint venture for automotive parts in the DGFEZ Yeongcheon Industry District. When complete in 2014, the manufacturing facility will produce 11 million units of damper pulley and employ 287 people. The auto parts produced at the facility will be supplied to domestic and overseas carmakers.

Pyeonghwa Holdings, established in 1950 in Daegu, is a holding company of 13 subsidiaries including Pyeonghwa Industry. Established in 1939, NOK Corporation is a global auto part manufacturing company with annual sales of USD 6.7 billion and 43,000 employees around the world.

The joint venture between Pyeonghwa Holdings and NOK Corporation will be located in Yeongcheon Industry District in DG-FEZ which has been spotlighted as an optimal investment destination for global leading automotive part manufacturers such as Daicel and Faurecia.

“Given that our mission is to create jobs in Daegu and Gyeongbuk, we will strengthen our efforts to identify potential investors and attract them to DGFEZ. We will do our best to achieve our goals.” stated DGFEZ Commissioner Byung-Rok Choi in the MOU signing ceremony.

Source: DGFEZ Investment Strategy Team

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Pyeonghwa Holdings & NOK Form Joint Venture in DG-FEZ