Hyundai Elevator to invest 250 bln won to set up new production base in central S. Korea

SEOUL, July 3 (Yonhap) -- Hyundai Elevator Co., South Korea's leading elevator maker, said Wednesday it has signed a 250 billion-won (US$213 million) deal with local municipal authorities to set up its new production base in the country's central region.

The affiliate of Hyundai Group plans to relocate its headquarters, main plant and distribution center to an industrial complex in Chungju, North Chungcheong Province, some 150 kilometers southeast of Seoul. The company is currently based in Icheon, Gyeonggi Province, just south of Seoul.

Hyundai Elevator said it aims to complete the construction of its new smart factories, which will be operated with Internet of Things (IoT) and big data technologies, by 2022 and will continue to invest for other facilities until 2028.

Hyundai Elevator said municipal governments of North Chungcheong Province and Chungju city have pledged to give administrative support, including tax benefits, for its project.

kdon@yna.co.kr
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