|Employees of Retech pose for a photo at their company headquarters in Daejeon. (Retech)|
Established in 1994, the company developed its specialty in snow-clearing equipment and in 2002, successfully localized the production of snowplows which had previously been dependent on imports.
It recorded $13.4 million in exports last year and currently has a 70 percent or higher share in the domestic special vehicle market. When it comes to the road management facility sector, the figure nears 80 percent.
Retech’s recent growth was largely attributable to overseas deals which were achieved through the Public Procurement Service’s yearly expo, according to officials.
It was during the PPS yearly expo that the company closed a $500,000 contract with Mongolian partners. Also, the company was able to participate in the Russian government’s public procurement expo, at which it won a $1.7 million supply deal, officials said.
Retech plans to expand its leverage in the local market, as well as in the overseas market.
In 2013, the company signed an investment memorandum of understanding with Sejong City, setting to complete a comprehensive manufacturing complex in the northern area of the administrative city.
A total of 56.4 billion won ($53 million) will be invested in the project, which is expected to produce 200 billion won in yearly sales, according to Sejong City.
By Bae Hyun-jung (firstname.lastname@example.org)