Falorni Tech Glass Melting Technology
Banner
Filtraglass

Asahi Glass to set up automobile glass joint venture in South Korea

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.

Sign up for free to the glassOnline.com daily newsletter

Subscribe now to our daily newsletter for full coverage of everything you need to know about the world glass industry!

We don't send spam! Read our Privacy Policy for more information.

Share this article
Related news