Hyundai Heavy's holding company forges joint venture deal with Chinese robot producer

By Park Sae-jin Posted : September 20, 2018, 17:57 Updated : September 20, 2018, 17:57

[Courtesy of Hyundai Heavy Industries Holdings]


SEOUL -- The holding company of South Korea's Hyundai shipbuilding group forged a strategic partnership with a Chinese company to establish a joint venture for their business expansion in one of the world's largest industrial robot markets.

Hyundai Heavy Industries Holdings said in a statement Thursday that it signed a joint venture agreement with Jiangsu Hagong Intelligent Robot on the sidelines of a trade fair in Shanghai.

The two companies will establish a smart factory capable of producing some 20,000 robots per year by the first half of 2019. The two companies plan to invest some 30 billion won ($26 million) into the project but did not disclose details. 

Jiangsu Hagong Intelligent Robot is China's top manufacturer of welding robots used in car production. More than 17,000 robots produced at the joint smart factory will be sold in China.

With its deal with the Chinese company, the Hyundai holding company, which is South Korea's largest industrial robot producer, plans to step up technology exports and business ties in China.

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