Tsubakimoto Automotive Korea, the local unit of Tsubakimoto Chain, officially completed its $2.5 million auto part plant inside the Busan-Jinhae Free Economic Zone (BJFEZ) on Oct. 17.
The Japanese company, one of the world’s leading manufacturers and developers of power transmission products, has about 5,800 employees and posted around 2 trillion won in sales in 2010.
The construction of the plant, which broke ground in November 2010, was completed in June this year and has since begun operations.
“While boosting production, we plan to create jobs and offer superior quality products. We will also contribute to the local community,” said Morikazu Asada, the head of the Korean unit.
Through completing the plant, the BJFEZ plans to continue to attract companies with its high technology.
Meanwhile, the free economic zone signed a $20 million investment deal with Fujikin Korea, a unit of the Tokyo-based semiconductor-producing machine manufacturer in September.