LG Innotek is building a new plant for the production of automotive parts
According to the Investor with reference to ET News, LG Innotek is building a new plant for production of automotive parts in the Korean city of Pyeongtaek, Gyeonggi province.
The plant will occupy an area of 40 thousand m2 in the industrial part of the city, it will begin to work next year. Sources report that the new plant will help LG Innotek to strengthen its position as a supplier in the growing market of automotive parts.
It is also known that the new factory focuses on the quality of its products, as its parts will be used in the automotive industry, which places the highest demands on security.
Last year, LG Innotek reported a revenue increase by 27% to 738 million dollars. In March it was announced that the company has signed long-term contracts for a total amount of 7.26 billion dollars.
The amount of investment in the construction of the plant is not reported.