Smederevska Palanka, April 24, 2021 – With formal ceremony in Smederevska Palanka today, Kyungshin Cable Cable Factory was officially opened.
Ceremony was attended by the President of Serbia Aleksandar Vucic, General Director of Kyungshin Cable Europe Seo Jae Keun, His Excellency Choe Hyoung Chan Ambassador of the Republic of Korea to Serbia, President of Municipality Smederevska Palanka Nikola Vucen as well as members of the diplomatic corps and local and republican authorities.
The construction of this factory lasted slightly less than 6 months and we can say that it is one of the indicators of increasing interest in investors from the Republic of Korea for cooperation with Republics of Serbia. After all the preparations, certification, trainings, and prototype preparing, Kyungshin Cable Europe factory today has officially released ready to work, and ready to win the European market.
Kyungshin Cable Europe is part of Kyungshin Group, whose facilities are in numerous countries around the world, including China, United States, Mexico, Poland, South Korea and other countries. After the factory in Poland, this is the only Kyungshin factory in Europe aimed to deliver components for electric car suppliers accross Europe.
By opening the factory in Serbia, Kyungshin has established a system which will enable fast response to increased customers’ demand by moving important business sectors like R&D, manufacture, sales and support to Europe, one of the leading markets in the world, next to USA and China. Kyungshin Cable Europe, Smederevska Palanka will produce parts for electrical batteries of high technology cars.
“As of today, Kyungshin Cable Europe begins mass production of automotive parts for electric vehicle batteries produced by global top battery supplier such as “LG ENERGY SOLUTION” and “SK INNOVATION” and, but also other companies based in the European Union. We managed to arrange an annual order worth about 100mil euros and I am sure that we will continuously follow the growth of the “green” car industry. “, said Mr. SEO Jae Keun, General Director of Kyungshin Cable Europe.
It is an investment of 20m euros, first in this region, after more than 60 years, which included the construction of the factory, accompanying infrastructure and gradual employment of 700 workers by the end of 2022.
About Kyungshin Cable
Established in 1974, Kyungshin Cable is an affiliate of Kyungshin Group and a leading company in the Korean automotive cable market, with 611 milions dollars of yearly turnover, and it is now advancing into the global market by expanding into new business areas such as industrial cables and eco-friendly vehicle components, etc.
Kyungshin Cable provides future value to customers through developing cutting-edge products based on its core fundamental technologies at 8 business establishments in 3 continents worldwide.