Faurecia has opened a new plant in South Korea, Faurecia ShinSung, dedicated to instrument panel and centre console production.
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Faurecia ShinSung’s new instrument panel & glove box/centre console factory will consist of a 4,500-square meter building on a 10,000-square meter plot, with the capacity of building components for 850 cars per day for Renault Samsung Motors.
The site represents an investment of KRW 20 billion and will ultimately employ 110 employees by the end of 2009, as well as contribute an estimated KRW 32 billion in 2010 in overall sales volume.
The plant, located in Masan, South Gyeongsang Province, South Korea, is part of a joint venture between Faurecia and Shinsung Delta Tech Co, called Faurecia Shinsung Co. Ltd., of which Faurecia is the majority stakeholder, with a 60% stake.
Faurecia says the plant marks a ‘momentous step forward’ in Faurecia’s growth strategy for the Asia-Pacific region, with one of the biggest investments by Faurecia for its Faurecia Interior Systems Group in recent years.
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By GlobalDataIt says the new plant will help bolster Faurecia’s position as a manufacturer of interior products in Asia and will strengthen its presence in the South Korean market.
The factory will feature new technologies such as injection, foaming, slush molding, and thermo-covering. Injection produces plastic structural parts such as instrument panel carriers and aspect parts like center console bodies. The new closed mold foaming technology allows the injection of polyurethane material between the instrument panel carrier and the slush skin which gives a high level of fit & finish and a soft touch to the feel. Thermo-covering is used to form the skin directly on injected parts.
Faurecia Group executive vice president, Christophe Schmitt, remarked, “With this new plant, Faurecia is hoping to grow its ever-increasing footprint in Asia,” adding, “I believe that our technological expertise as a leading automotive parts manufacturer has won the confidence of the Korean automotive industry and we look forward to working with our Korean customers on a continuous and mutually beneficial basis.”
Olivier Fidry, representative director of Faurecia Shinsung, stated, “Without the wonderful support from the local business community and the Masan Free Trade Zone, Mr. Won-do Choi, in particular, this would not have been possible. We are very excited and proud to be opening this plant as we know that it will contribute greatly not only to Faurecia’s growth and development, but to the growth and development of the local Gyeongsangnam-do and Masan economy and the Korean automotive industry, as well.”
