Hyundai Heavy completes Chinese factory
08 November 2011
South Korean manufacturer Hyundai Heavy Industries has completed construction of its new wheeled loader factory in Taian, China - a US$ 49 million project which broke ground in July last year.
Producing 3 tonne and 5 tonne wheeled loaders - corresponding to about 1.8 m3 to 3 m3 bucket capacities - the company said the new factory would be able to produce 8000 machines annually. Hyundai Heavy is targeting sales of 10000 wheel loaders a year in China by 2015.
Choe Byeong-ku, senior executive vice president and COO of Hyundai Heavy's construction equipment division said, "The Taian wheel loader factory will serve as another stepping stone for Hyundai Heavy Industries in the global construction equipment market."
The company, which has other construction equipment and parts plants in Jiangsu, Beijing, and Shandong province, said the Taian factory would also improve parts supply, logistics, and sales between the local plants.
The news comes after Hyundai Heavy expanded into the Latin American construction equipment market in August this year by investing US$ 150 million in a new factory in Brazil. Scheduled for completion by the end of 2012, this new plant will be capable of producing 2000 items of construction equipment a year, including excavators, wheeled loaders and backhoe loaders.