On August 9, 2013, the reporter learned that South Korea’s MOREENS CORPORATION and Taiwan’s Tsui Peng Jing will jointly invest US$6 million to establish an auto parts production plant in Yongchuan City, North Gyeongsang Province. On the 9th, the Daegu Gyeongbuk Freedom Zone Office, the Gyeongsangbuk-do and Yongchuan municipal governments signed a five-way investment memorandum of understanding with the two companies.
The two companies plan to open a factory in Yongchuan's sophisticated parts and materials industry in March 2014 and begin production of automotive parts in August of the same year. The annual sales of the company in Yongchuan City are KRW 9 billion (approximately RMB 49.53 million), and there are more than 60 employees. The company mainly produces thermal insulation materials and supplies them to LG Chemicals and Hyundai Heavy Industries.
Tai Peng Jing, located in Tainan, Taiwan, manufactures insulation products for silencers and exhaust systems. It supplies Japanese auto companies with annual sales of US$16 million.
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