Asahi Glass said it will set up a joint venture with a Hyundai Group affiliate in South Korea in late September to produce automobile-use glass.
Capitalized at some 100 billion won, the joint venture…
Asahi Glass said it will set up a joint venture with a Hyundai Group affiliate in South Korea in late September to produce automobile-use glass. Capitalized at some 100 billion won, the joint venture company will be 60% owned by Kumgang Korea Chemical Co., a Seoul-based glassmaker, and 40% by Asahi Glass. The new company will spend about 33 billion yen to build a plant at a site 100 kilometers southeast of Seoul, aiming to have it start operating in January 2002. In South Korea, auto production is growing rapidly on the back of an economic recovery. The major Japanese glassmaker aims to reinforce its worldwide automobile glass supply by establishing a production base there. The new plant will initially be capable of producing glass for 1.1 million vehicles a year. It is expected to turn out products for 2.5 million vehicles in the future.