Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
Atlas Copco to nurture Korea into Asian hub
By Lee Hyo-sik
Ronnie Leten Atlas Copco CEO
By Lee Hyo-sik
Atlas Copco, the world’s leading industrial equipment maker, will foster Korea as its business hub in Asia by expanding investment and hiring more workers here, the company CEO said Monday.
Atlas Copco CEO Ronnie Leten also told reporters that the 142-year-old Swedish firm will acquire local companies to increase the size of its Korean operations to 1 trillion won by 2020. The company manufactures compressors and other industrial tools, as well as mining and construction equipment.
“We have achieved enormous success in Korea since 1981. We now employ over 1,100 people here,” Leten said. “The Korean market is very important for us. It is the seventh largest among 90 markets where our offices are located. Korea is the second-largest in Asia after China.”
The CEO said Atlas Copco will continue to strengthen its partnerships with local partners, pledging to increase the sale to 1 trillion won in 2020 from this year’s estimated 650 billion won.
“We will foster Atlas Copco Korea as our Asian hub because Korea is the best production base in construction, heavy industries, electronics, automobiles, transportation and many other sectors,” Leten said. “We will continue to finance the firm’s rapid expansion and acquire more local firms to create synergy with our existing units.”
Following the acquisition of Edwards Korea, a vacuum pump company, in 2014, Atlas Copco Korea acquired Apsys, a leading company in DC plasma processing technology of toxic gases produced during semiconductor manufacture, in August.
The CEO said Atlas Copco is looking to acquire additional industrial tool makers here, adding that Korea is a much better place for doing business, compared to China.
“Even though labor costs are higher in Korea, its overall business environment is much better than that of China,” Leten said. “Korea has a skilled workforce and superb technological capabilities. We will continue to expand in Korea through additional acquisitions.”
He then said Atlas Copco and Atlas Copco Korea’s innovation and expertise, fostered over the past 142 and 34 years, respectively, will make a significant contribution to the development of the Korean economy, society and the environment.