Korean auto parts maker to open new plant in Europe
Oct 12, 2020
South Korean company Kyungshin Cable is building its second manufacturing center in Europe. The plant, which will appear in the Serbian town of Smederevska Palanka, will produce "environmentally friendly" automotive components for the region.
The company, which began construction in May, expects to complete the € 20 million plant by November this year. Once completed, by March 2021, the plant will begin supplying parts to renowned European car manufacturers and Korean battery suppliers.
About 700 jobs will be created at the new European Kyungshin Cable plant.
Kyungshin Cable, based in Incheon, is part of the Kyungshin Group and supplies cables and wires for the automotive industry. Key customers include Hyundai, Kia Motors, GM and Ford. In addition to manufacturing sites in Korea, the company has facilities in China, India, Honduras, Poland and the United States.