BJFEZ-ATA Gears Ltd. MOU heralds European parts & materials investment into the Mieum Parts & Materials Industrial Park
- Contents
-
The Busan-Jinhae Free Economic Zone Authority signed an MOU with Finland based spiral bevel gear manufacturer ATA Gears Ltd.; established in Tampere, Finland in 1937, the bevel gear maker-with 48 million Euros in net sales for FY 2009-is a parts manufacturer supplying clients in the marine equipment, heavy engineering as well as auto parts industries.The company intends to build a 4,000 m2, $10 million (USD) manufacturing facility in the Mieum district of the BJFEZ to supply core parts for both the shipbuilding and automotive engines sectors aimed at the Northeast Asian market-Korea, China as well as Japan. Therefore highlighting the advantages of using the BJFEZ location-a value-added manufacturing base, for advanced manufacturing-with quick, easy access to Northeast Asia, Europe as well as North America.
With the completion of this facility, Korean companies’ dependence on the import of specialized parts and materials will decrease and have an indirect benefit of related core technology transfers to Korean industry.
Further importance is the symbolism of attracting a European company to the Mieum Parts and Materials Industrial Park; the MOU will serve as a catalyst for further European investment into the Busan-Jinhae Free Economic Zone.
The source of news: BJFEZ
