Relocation of Gyeongju Headquarters, Research Center, and Factory to Ulsan with 26 New Hires

Ulsan City Hall exterior view.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Ulsan City is achieving solid results by attracting companies through newly established investment attraction subsidies.

On the 26th at 2 p.m., Ulsan City will sign a 'Memorandum of Understanding on Investment' with Sehwa Machinery Co., Ltd. (CEO Kim Myung-jin) at the situation room on the 7th floor of the city hall main building.

Through this investment agreement, Sehwa Machinery Co., Ltd. will expand and relocate its headquarters, research institute, and factory from Gyeongju to the Bancheon General Industrial Complex in Ulju-gun.

Ulsan City will provide administrative and financial support to ensure the smooth progress of Sehwa Machinery's investment, and Sehwa Machinery plans to prioritize hiring Ulsan citizens and actively cooperate in creating local jobs through this investment.

Sehwa Machinery Co., Ltd. is a precision machining specialist company that manufactures major parts for ship engines and various industrial machinery parts, supplying domestic and international companies.

Sehwa Machinery will build its headquarters and factory on a site of 15,531㎡ with a total floor area of 13,228㎡ within the Bancheon General Industrial Complex, hiring 26 new employees, bringing the total workforce to about 60.

After developing the turbocharger, which enhances ship engine functions, for the first time in Korea, the company has been recognized for its technological capabilities by obtaining product manufacturing approval certificates from Wartsila (a Finnish ship engine manufacturer), ABB (a Swiss ship engine manufacturer known for strict quality standards), and Mitsubishi (a Japanese ship engine manufacturer), all world-leading companies in the ship engine field.

It is also a company with outstanding technological skills in precision machining, receiving various parts development requests from Burckhardt (Switzerland), a global leader in reciprocating compressors.

Through this investment in Ulsan, Sehwa Machinery plans to introduce metal additive manufacturing technology using 3D printing technology to secure technological competitiveness that meets the small-lot, multi-product production system required by the characteristics of the shipbuilding industry.

CEO Kim Myung-jin said, “Ulsan is home to major production bases of world-leading companies such as Hyundai Heavy Industries, Hyundai Motor Company, and Samsung SDI, and recently incentives for investing companies have been strengthened, so we have been considering investment for some time. Currently, we mainly produce precision parts for ship engines, but based on 3D printing technology, we will continuously research and develop advanced precision machining technology and become a cooperative partner with companies related to floating offshore wind power and the hydrogen industry, which Ulsan City is focusing on nurturing.”

Mayor Song Cheol-ho said, “Ulsan is a great place for businesses with its industry-academia cooperation system and the presence of global companies. We will support Sehwa Machinery Co., Ltd. to establish a stable foundation in Ulsan and become the world’s top specialized company in ship engine parts manufacturing and various precision machining fields.”

Regarding the 'Domestic Company Investment Attraction Subsidy Support Project' introduced and promoted by Ulsan City last year, the Investment Attraction Committee has decided to support about 15 companies with approximately 10.8 billion KRW so far. Sehwa Machinery Co., Ltd. is also expected to receive investment attraction subsidies after committee review for subsidy support.

This content was produced with the assistance of AI translation services.