Ulsan City and Ulsan Free Economic Zone Authority Attract New Automotive Electronic Components Manufacturing Plant

Otronic Co., Ltd. Invests a Total of 40.7 Billion KRW in High-Tech Valley Industrial Complex

Priority Employment for Ulsan Citizens, Expansion of Local Construction Company Participation, etc.

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Ulsan City and the Ulsan Free Economic Zone Authority are signing an agreement with OtroNick Co., Ltd. to establish an automobile electronic components manufacturing plant worth 40 billion KRW.

On the 28th at 10 a.m., the 'Automobile Electronic Components Manufacturing Plant Establishment Agreement Ceremony' will be held in the situation room on the 7th floor of the City Hall main building, attended by Kim Doo-gyeom, Mayor of Ulsan, Cho Young-shin, Head of the Ulsan Free Economic Zone Authority, and Ko Jin-ho, Chairman of OtroNick Co., Ltd.

OtroNick will establish a manufacturing plant for automobile electronic components in the Ulju-gun High-Tech Valley Industrial Complex, and Ulsan City and the Ulsan Free Economic Zone Authority will strive to provide administrative support such as permits and approvals, as well as financial support including subsidies. This is the main content of the agreement.

OtroNick has committed to expanding the participation of local construction companies during the construction of the manufacturing plant and prioritizing the employment of Ulsan citizens, doing its best to create jobs and revitalize the economy.

OtroNick plans to invest a total of 40.7 billion KRW in the project, constructing the 'Automobile Electronic Components Manufacturing Plant' on a 15,521㎡ site in the High-Tech Valley General Industrial Complex, starting construction in January next year and completing it by March 2024.

The plant will employ approximately 180 people and aims to achieve sales of 38.7 billion KRW by 2028.

Ko Jin-ho, Chairman of OtroNick Co., Ltd., said, "We appreciate Ulsan City's interest and the support of the Ulsan Free Economic Zone Authority for the establishment of this automobile electronic components manufacturing plant," adding, "Our company has strived for over 30 years to develop world-class technology in the automobile electronic components field, believing that 'technology is an inexhaustible mine.'"

Kim Doo-gyeom, Mayor of Ulsan, stated, "I am pleased to establish a relationship with OtroNick, an excellent automobile electronic components manufacturer, during this major industrial transition from internal combustion engines to electric vehicles. Ulsan City is also actively supporting secondary battery companies for a new leap in the future electric vehicle market."

OtroNick Co., Ltd., headquartered in Haeundae-gu, Busan, has annual sales exceeding 200 billion KRW including subsidiaries, and has strengths in the design and manufacturing of mechatronic parts for automobile electronic components.

The company exclusively supplies actuators (a general term for power devices using electricity, hydraulics, compressed air, etc.) to global automobile companies, and its sales have surged recently due to the increase in electric vehicle sales and electrification.

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