IHI Corporation started joint-business for Vehicular Turbocharger in South Korea
We would like to inform of you that IHI Corporation concluded the Joint Venture Agreement for Vehicular Turbocharger business on 8th August 2013 with Hyundai WIA Corporation, a major automobile parts manufacturer and a major subsidiary of Hyundai-Kia Motor Group which is South Korean top automobile manufacturer.
Vehicular Turbocharger business unit of IHI Group has seven plants all over the world and keeps its sustainable growth to the target at 7 million units per year production in FY2015. We forecast that after FY2015 the market’s demand continues growing because of newly applications for down-sizing engines and governments’ regulations for fuel consumption and exhaust emission. So then, IHI Group is expanding its Turbocharger business aiming at the target of 10 million units per year sales.
In such an occasion, IHI started this joint-business for the purpose of entry and expansion in South Korean market which is rapidly growing.
Vehicular Turbocharger business unit of IHI Group is already No.1 brand in Asian market such as China, Japan and Thailand. In addition, we strengthen the position of No.1 brand in Asia by the joint-business in South Korea.
| Profile of the Joint Venture Company which will be newly established | |
| a) | Company name; Hyundai WIA IHI Turbo Co., Ltd. |
| b) | Address; Seosan-city, Choongchungnam-do, South Korea |
| c) | Incorporation; Planned in October, 2013 |
| d) | Capital; 10 billion KRW |
| e) | Shareholders; IHI Corporation 49%、Hyundai WIA Corporation 51% |
| f) | Purpose of the business; Engineering, manufacturing and sales of Vehicular Turbocharger |
| g) | Planned start of production; FY2015 |
| h) | Plant building spec; Approximately 3000 ㎡ |
| Profile of the Joint Business partner, Hyundai WIA | |
| a) | Company name; Hyundai WIA Corporation |
| b) | Representative Director; Myung-Chul Chung |
| c) | Address; Changwon-city, Kyeongsangnam-do, South Korea |
| d) | Incorporation; 1976 |
| e) | Capital; 128.6 billion KRW |
| f) | Shareholders; Hyundai Motor Corporation 26.79% Kia Motor Company 14.20% Registered at Korean stock exchange |
| g) | Sales turnover; 721 billion KRW (FY2012) |
| h) | Purpose of the business; Automobile parts, Machine tools, Machinery |