Hyundai and Cummins break ground for new JV

News Story
- 22 Nov 2012 ( #592 ) - Ulsan, Korea, Republic Of
1 min read
Hyundai Cummins Engine Company broke ground last week in Daegu, South Korea.
Hyundai Cummins Engine Company broke ground last week in Daegu, South Korea.
Hyundai Cummins Engine Company, a joint-venture construction equipment engine company owned by Hyundai Heavy Industries and Cummins, broke ground last week in Daegu, South Korea.

The ground-breaking ceremony at Techopolis in Daegu's Free Economic Zone was attended by Norbert Nusterer, vice president of new and reconditioned parts at Cummins; Lee Jai-seong, president and CEO of Hyundai Heavy Industries; Kim Bum-il, mayor of Daegu; and other guests.

In September, Hyundai Heavy, the world's largest shipbuilder and a leading construction equipment maker and Cummins, the world's largest construction equipment engine maker, signed an agreement to each invest USD40 million for the joint venture (Forkliftaction.com News #584).

The factory will start production from May 2014 with an annual production capacity of 50,000 engines. Hyundai Cummins Engine Company is expected to create about 5,300 jobs in the region by 2022.
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