[Provided by Yeongcheon City]
[Provided by Yeongcheon City]

Yeongcheon City in North Gyeongsang Province signed a 10 billion won ($7.09 million) investment MOU with automotive parts maker Hyesung on Wednesday at the city hall video conference room.

Yeongcheon Mayor Kim Byeong-sam, Hyesung co-CEOs Shin Jong-tae and Lee Hui-man, and other company officials attended the signing ceremony.

Under the agreement, Hyesung will build a production facility for hybrid automotive transmission components on a 6,010-square-meter site within the Eonha Industrial Complex.

Founded in Yeongcheon in 2001, Hyesung specializes in precision cutting and machining of automotive parts, producing transmission and powertrain components. The company has expanded its business on the strength of accumulated technical expertise and customer trust in the precision machining sector.

The reinvestment comes as the company seeks a new growth engine to target the eco-friendly future vehicle market.

"We will use this investment as a new growth engine to break into the eco-friendly future vehicle market and take the company to the next level," co-CEOs Shin and Lee said in a joint statement. "We will continue to invest and create jobs, growing together with Yeongcheon."

Mayor Kim said the investment carries special significance because a company that grew in Yeongcheon is reinvesting in the region and expanding its operations. "We will spare no administrative support to help Hyesung grow into a company that represents our city," he added.


kbj7653@heraldcorp.com