- The 130.5 billion project is to be completed by late December 2008. - The complex is targeting to generate annual revenues of 786 billion won to contribute to the auto industry’s global competitiveness.
Amco, Hyundai Motor Group’s construction company plans to build a world-class industrial complex for car parts manufacturing in Ulsan Metropolitan City. On February 7, Amco (Representative: Kim Chang-Hee. www.amco.co.kr) signed an ‘Ulsan Modularization Industrial Complex’ development agreement with Ulsan Metropolitan City, the developer of the project, Sejin Co., a development agency, and 19 other companies to build a world-class auto parts production complex.
The signing ceremony held in the Control Room of Ulsan Metropolitan City Hall was attended by 30 dignitaries, including Park Mang-woo, Governor of Ulsan Metropolitan City, Lee Gi-won, the city government’s head of the Economics and Commerce Department, Kim Sang-chae, head of the Investment Support Group, Yoon Jong-guk, President of Sejin, and Kim Chang-Hee, President of Amco.
The ‘Ulsan Modulation Industrial Complex’ development project was implemented as part of the broader ‘Auto Valley’ project (a manufacturing complex specialized in manufacturing cars), which was developed by Ulsan Metropolitan City to turn the city into a global hub of the auto industry. Upon completion, 20 businesses involved in modularization and auto parts production will move into the 260,000-pyeong site.
To secure land for the project, Ulsan Metropolitan City designated 260,000-pyeong in Hyomun-dong and Yeonam-dong, Buk-gu, Ulsan as the ‘Ulsan Modularization Industrial Complex’ in March 2005. Companies moving into the complex will invest 130.5 billion won of their own capital as development agents to complete the project by late December 2008.
When constructed, the complex is expected to create about 2,000 new jobs and over 700 billion won in annual revenues, while contributing to the globalizing trend of auto parts supply. As a world-class auto parts manufacturing complex, it will play a key role as a launching point for Korea’s auto parts industry to advance into the global market.
Noting that “development of the complex is an important project that will contribute to the Korean economy and the nation’s auto industry,” President of Amco, Kim Chang-Hee said, “We will put forth our best efforts to build the complex based on the experiences we have had of successfully constructing various industrial complexes and factories.”
Five years after its October 2002 foundation as Hyundai Motor Group’s construction company, Amco was ranked No. 33 at a study evaluating nearly 30,000 Korean construction businesses for their construction capabilities. The company aims to be included among the top ten by 2010.
* Modulization A manufacturing method by which components are pre-assembled in modules before being attached to the main frame of a vehicle.