Hyundai Construction Equipment and Industrial Bank Join Hands to Support Smart Factory Establishment for Partner Companies

Yang Kyung-shin, Head of Purchasing at Hyundai Construction Equipment (right), and Park Joo-yong, Vice President of IBK Industrial Bank, are posing for a commemorative photo after signing a business agreement (MOU) to support partner companies' smart factories.
[Photo by Hyundai Genuine]

[Asia Economy Reporter Kim Heung-soon] Hyundai Construction Equipment, a subsidiary of Hyundai Genuine, the holding company for the construction machinery division of Hyundai Heavy Industries Group, is joining forces with IBK Industrial Bank of Korea to support the establishment of smart factories for partner companies.

On the 29th, Hyundai Construction Equipment signed a Memorandum of Understanding (MOU) with IBK at its office in Bundang, Gyeonggi Province, to support smart factory initiatives for partner companies. According to the agreement, Hyundai Construction Equipment will provide technical and financial support necessary for the establishment and advancement of Manufacturing Execution Systems (MES) for small and medium-sized partner companies, while IBK will supply funds required for system development to SMEs that have difficulty obtaining loans due to low credit ratings.

This year, the two companies plan to select five partner companies of Hyundai Construction Equipment, including Heungjin Industry and Hanul H&P, to provide a total of 1.5 billion KRW in support. Yang Kyung-shin, Head of Purchasing at Hyundai Construction Equipment, stated, "If a digital production management system is established through cost and technical support, the competitiveness of our partner companies will be significantly enhanced," adding, "We will continue to spare no effort or support for the sustainable growth of our partners."

Meanwhile, Hyundai Doosan Infracore, another affiliate of Hyundai Genuine, is also providing technical support activities aimed at completing MES establishment within this year for five partner companies, including Desk Co., Ltd. and Seonjin Precision.

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