Robert Bosch Korea announced that it would set up a joint venture to develop, manufacture, and sell wiper systems in Korea.
The joint venture firm, to be named KB Wiper Systems, will be a 50-50 partnership with Kyung Chang Wiper Corp., and start operations with about 700 staff in the near future, Frank Schaefers, president of Robert Bosch Korea, said Tuesday at the company’s annual press conference in Seoul.
The joint venture firm, to be named KB Wiper Systems, will be a 50-50 partnership with Kyung Chang Wiper Corp., and start operations with about 700 staff in the near future, Frank Schaefers, president of Robert Bosch Korea, said Tuesday at the company’s annual press conference in Seoul.
His announcement follows the signing of the relevant memorandum of understanding between the two companies and Daegu Metropolitan City to build the headquarters of KB Wiper Systems and its plant in the Daegu Industrial Park.
“The new plant is expected to start production at the end of 2016. The total investment will be approximately 200 billion won ($178 million),” Schaefers said.
Also at the conference, the head of one of the world’s largest technology and service suppliers reported 2.1 trillion won in sales in the fiscal year of 2014, a 21 percent jump from the previous year.
Over the past five years Bosch invested some 260 billion won into its local business, and plans to invest 30 billion won this year.
“Our healthy performance in Korea is based on our long-term strategy for continued investment and business diversification. We intend to grow our business along these lines in the future as well,” Schaefers said.
By Bae Ji-sook
(baejisook@heraldcorp.com)
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Articles by Korea Herald