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Bumchun Precision will be constructing its first plant outside South Korea in Hungary with an investment of HUF13.3 billion (€40.8 million or $45.2 million).
The Government is providing HUF2.65 billion (€8.13 million or $9 million) in funding towards the investment in view of the fact that the plant will be creating 200 new jobs as a Tier 1 automotive supplier.
Péter Szijjártó, Minister of Foreign Affairs and Trade said, “The facility, which will be built in Salgótarján, will manufacture aluminium battery terminals for electric vehicles”, he added. According to the Minister, the value of the investment is also increased by the fact that during the upcoming decades automotive industry development is expected to be determined by the development of electric drive systems.
Ri KI Jeon, President of Bumchun Precision Co. Ltd., declared that the company’s culture is based on continuous development, and the reason it is coming to Hungary is also to manufacture state-of-the-art parts. The company President justified the choice of location with the fact that the local workforce is well-trained, the city’s industrial infrastructure is highly developed, and the geographical location provides favourable logistics conditions.
Bumchun Precision’s subsidiary in Salgótarján was registered last year. The South Korean company was founded in 1982, and in addition to producing and developing parts for electronic equipment and mobile phones, a few years ago it also became involved in the manufacturing of batteries for EVs.
Bumchun Precision to manufacture Aluminium Battery Terminals in Hungary
Modified on Monday 29th July 2019
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Bumchun Precision to manufacture Aluminium Battery Terminals in Hungary
