Hyundai Heavy Breaks Ground for Chinese Wheel Loader Factory
Hyundai Heavy had a ground-breaking ceremony for a new wheel loader manufacturing factory in Taian, Shandong province in China on July 16.
With an investment of $48 million, the new factory is scheduled to be completed by May 2011. Upon completion, the factory will have an annual production capacity of 8,000 units of 3 ton and 5 ton wheel loaders, the highest selling models in China.
Hyundai Heavy seeks to strengthen its image as an integrated construction equipment maker in China by expanding annual production capacity to 10,000 units within five years.
Mr. Choe Byeong-ku, a senior executive vice president and COO of Hyundai Heavy,s construction equipment division said, «China is an attractive wheel loader market with fast annual production growth rate from 140,000 units in 2009 to 200,000 units (estimated) in 2010. Hyundai Heavy also strives to make inroads into Brazil, Middle East, and African construction equipment markets based on the success in the Chinese market.»
Since its entry into the Chinese market in 1995, Hyundai Heavy operates three manufacturing firms in Beijing and Changzhou that account for 50% of Hyundai Heavy,s overseas sales.
Hyundai Heavy Industries, the world,s biggest shipbuilder and a Fortune Global 500 Company started as a shipbuilder in 1972 and now expanded into an integrated heavy industry company with six business divisions including shipbuilding division, construction equipment division, offshore engineering, industrial plant and engineering division, engine and machinery division and electro electric systems.
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Hyundai Heavy Industries Co., Ltd. (HHI) is the world's largest shipbuilding company, headquartered in Ulsan, South Korea. It has seven business divisions: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, Engine & Machinery, Electro & Electric Systems, Construction Equipment, and Green Energy.
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