South Korean automotive interiors maker Dong Kwang Ki Yeon will set up a joint venture with a US company to supply seat covers to GM Daewoo Auto & Technology, according to the Korea Times.
Go deeper with GlobalData
The 50-50 joint venture with Lear Corp. will supply seat covers for 100,000 sports utility vehicles annually, the company reportedly said.
The two companies signed a preliminary agreement in October on setting up the joint venture, in which a total of 25 billion won ($24 million) will be invested, the report added.
The paper noted that Dong Kwang Ki Yeon has already started constructing a plant in Bupyeong, home to a GM Daewoo plant and about 20 kilometres west of Seoul, with a capacity to produce seat covers for 300,000 vehicles annually.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
