South Korea's Youngsan to expand Slovak car parts factory

South Korean car parts maker Youngsan Glonet has unveiled plans to expand its production facility in the Krásno industrial park, in Slovakia’s northern part, reports local news site Aktuality.sk.

Under the plan, the manufacturer is to invest about €16.9m at the plant, and create about 240 new jobs in Slovakia. The investment is scheduled to be completed by 2018.

The project will be carried out by the company’s Slovak-based subsidiary Hyunnam SK s.r.o. which operates the factory.

The plant makes a wide range of car parts with the use of plastics. Its product portfolio includes wiper blades, hoses, plugs and lamps. The components made at the plant are supplied to South Korean car makers KIA and Hyundai which operate factories in Slovakia and the neighbouring Czech Republic. Youngsan has been active in the Slovak market since 2014, and it launched its production facility under a €12m investment that initially created some 250 jobs.

The South Korean firm says it supplies its output to manufacturers of passenger, commercial, heavy equipment, special purpose and military vehicles. Youngsan’s main markets include Eastern European, former Soviet Union and African countries, according to data released by the company.

The industrial park is located in Krásno nad Kysucou, about 216 km from the country’s capital Bratislava.

Source: PNE