Soosung's new factory.

Soosung Lift Manufacturing Co Ltd has moved to a new 30,000 square metre factory because the small South Korean forklift manufacturer is growing rapidly.

Incheon-based Soosung started making hand pallet trucks in 1973 and today produces 40 types of battery-driven materials handling equipment.

"Our turnover has almost tripled during the last decade," the company said in a statement.

The manufacturer invests "comparatively large amounts" in research & development.

"One major achievement was a DC motor controller jointly developed with the Korean Institute of Science & Technology, a leading technology think tank in Korea," the statement said.

Soosung claims to be the first South Korean company to develop a speed controller.