Hyundai plans US$ 330 million production expansion in Korea

Hyundai Heavy Industries. has announced plans for a major US$ 330 million investment in the expansion of its construction equipment production capacity.

The new facilities will be close to its existing plant on the outskirts of Ulsan in South Korea.

As well as a brand new production and assembly plant, the expansion will also include technical engineering offices, test laboratories, a machine depot and sales and marketing offices. It is expected to come on stream in October 2010.

More than doubling the plant size to 181000 m2, production capacity will be nearly trebled, from 22000 to about 60000 units per year. The total area will grow from 218000 to 452000 m2. Plant employees will increase accordingly.

Hyundai will be producing all its current and future models across its range of tracked and wheeled excavators, wheel-loaders, mini/midi excavators, skid steer loaders and forklift trucks at the new plant. It will also prepare for the introduction of new product lines and larger machines, which are currently in development.

Machines produced at the expanded plant will be sold into the Korean market, while also being exported all over the world.

Commenting on this ambitious project, Construction Equipment Division COO, Kiu-Hyun Park said, "This project is a mark of our confidence in the future, our expanding product range and the growing acceptance of our products in the global marketplace."