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Visteon to start operation in Busan Science & Industrial Park

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Visteon to start operation

 in Busan Science & Industrial Park

 

 BUSAN, May 10, 2007— Visteon Interiors Korea, a joint venture company formed with American auto parts manufacturer Visteon Corp., announced that the construction of its new 19,834㎡ facility within the Busan Science & Industrial Park is now complete. An opening ceremony will be held on May 10 at the completed construction site with the participation of distinguished guests including Hyo-Young Kim, Deputy Commissioner of Busan-Jinhae Free Economic Zone Authority, Kyung-Hoon Lee, Deputy Mayor of Busan Metropolitan City, In-Kyu Kim, Managing Director of Renault-Samsung Motors and Bob Pallash, Vice-president of Visteon.

Totaling $16 million, the factory’s construction started shortly after the MOU was signed in Oct. 2006 among the Busan-Jinhae Free Economic Zone Authority, Busan Metropolitan City, and Visteon Interiors Korea. The newly completed factory signals the company’s full operation in the Busan Science & Industrial Park.

A partner of BJFEZ investor Renault-Samsung Motors, the Visteon Busan plant will provide manufacturing activities, supplies and new project developments to the auto company. It will also participate in Renault-Samsung's H45 project which develops core auto parts such as cockpit modules and floor consoles.

Once full scale production of the H45 project has begun, sales are expected to increase to $50 million and 100 new jobs will be created by 2008.

Based out of Michigan with 117 factories in 26 countries, Visteon has maintained its reputation as a leading global automotive supplier with a strong corporate history reporting annual sales of $114 billion. It currently supplies products to companies including Renault-Samsung Motors, Ssang Young Auto Company, BMW, GM and Toyota.

Including the Visteon investment, 12 MOUs have been signed by foreign companies in the Jisa Foreign Investment Zone of the Science Park. Seven companies have completed construction and are now in operation. The remaining 5 are either under construction or are preparing to officially enter investment contracts. The Busan-Jinhae Free Economic Zone Authority and Busan Metropolitan City expect most foreign companies within the zone to officially start business activities shortly.

The source of news : BJFEZ   May 10, 2007