Faurecia has signed a partnership agreement with the South Korean company Shinsung Delta Tech Co, Ltd for the production of instrument panels, door panels and centre consoles in South Korea.
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The new joint venture is 61% owned by Faurecia and will be called Faurecia Shinsung Co, Ltd. Its head office and production facilities will be based in Masan City, southern Korea, from where it will initially supply components to the nearby Renault Samsung plant in Pusan.
Production is expected to start-up in early 2009.
Faurecia says that the new development will bolster its position as a manufacturer of interior products in Asia.
The company says it is already the second largest manufacturer in South Korea of exhaust systems through its two production plants in Kyong Ju and Shiheung and of door modules.
Shinsung Delta Tech Co, Ltd, located in Changwon City, is one of the leading Korean manufacturers of automotive plastic parts and household equipment with sales of close to EUR100m in 2006.
The company is listed on the KOSDAQ stock exchange.
