Hyunbo Corp to invest 15 MMD in Queretaro

Geographic location, infrastructure, and distribution logistics, as well as State’s safety,  are the main factors that led Hyunbo Corp to settle a plant in Queretaro.

Jin Kwak, CEO of the company, detailed that the Korean company invested 15 million dollars in this facility.  1 million of these resources were intended for the acquisition of property lands; 4 million for plant built and the remaining 10 million dollars were invested in the installation to produce pieces.

The company that manufactures pieces for engine and electric automobile mechanisms, is present in eight countries, among them: Germany, Iran, India, China, Vietnam, and South Korea, while in the Americas it only has plants in Brazil and now Mexico.

Seonggook Han, director of Hyunbo Corp Mexico, talked about the company’s plan of settling in this country, which began by observing the city of Queretaro in 2016 and was executed three years later.

“Since 2016 we have thought about a plan to build our own plant.  Based on research, we made a decision on July 2018.  After 8 months of construction, we can celebrate a significant opening ceremony,” said the directive.

Queretaro Plant

The company, located at La Noria Industrial park, in the municipality of El Marques, has an property extension of 7,750 square meters, 5,800 of them are built and occupy by the production plant and offices, where 180 employees work.

The company’s installed capacity allowed them producing 400 thousand engine pieces for automatic glass elevators, as well as 100 thousand pieces for mechanism of cleaning of medallions and 120 thousand sets for transmission engine, monthly.

Among the customers of the Korean company are Bosch and LG Innotek, which plants are in San Juan del Rio, Toluca and Monterrey.

“In addition, for the strategy of future businesses diversity, we are working in the establishment of the SMT line to produce electric components,” said Han.

Currently they have 10 injection machines and assembly facilities that could annually produce 600 million of Brush Holder, main components of automobile engines.

AUTOMOTIVE SECTOR

During the opening event of the Hyunbo Corp Mexico plant, the governor of the state of Queretaro, Francisco Dominguez Servien, said that the automotive sector, to which belongs the Korean company, represents more than 65 thousand formal jobs for Queretaro families.

“A company with more than 5 years in our country, which today decided to open its new plant in our State adds power to a key sector in our economy, the auto-parts industry.”

During the same act, the official talked about the Queretaro entity position in the sector and the good cooperation and investment ties generated by Korean capital companies.

“Queretaro is already the ninth national receptor of investments from South Korea, only in 2018 we received 631.7 million dollars from this Asian economy giant; outlook is encouraging,” he underlined. 

In general terms, he said that during the first quarter of 2019 have been generated 19 thousand 892 new jobs, which represent 70 % more compared to the same period in 2018; what positively affected the increase of average quota wage registered before the Mexican Social Security Institute, which went from 403 to 417 MXN per day.

Before this outlook, the governor reassured the commitment of his administration of participating and accompany all directives and investors choosing Queretaro as an ally in their growth.

“I confirm something important, in Queretaro, your automotive production processes will find the added value of ideas, research and development.  We are a State betting on talent, creativity and people collaboration, we are a State linking industry, academy and Government; injecting dynamism to the internal market,” he emphasized.

At the event were present the secretary of Sustainable Development, Marco Antonio del Prete Tercero; the head of the Ministry of Labor office, Fernando Ramirez Retolaza and the said directives of Hyunbo Corp Mexico.

 +INFO:

HYUNBO CORP.

Investment: 15 million dollars

Opening: May 2019