Daejeon City and Korea Wheel Sign Investment Agreement Worth 117 Billion Won

New Headquarters and Production Line Established in Seogu Pyeongchon Industrial Complex

Daejeon City signed an investment business agreement worth approximately 117 billion KRW with Korea Wheel Co., Ltd., a steel wheel manufacturer. / Daejeon City

Daejeon City announced on the 24th that it has signed an investment business agreement worth approximately 117 billion KRW with Korea Wheel Co., Ltd., a steel wheel manufacturer.

Korea Wheel plans to expand into the smart farm sector, a future growth industry, based on its accumulated experience and technology from supplying domestic automobile manufacturers and directly exporting to U.S. trailer companies.

Korea Wheel will relocate its steel wheel production facilities for automobiles and trailers to a 30,000-pyeong site in the Pyeongchon Industrial Complex in Seo-gu and will also establish some new production lines. The city expects significant economic ripple effects as about 200 employees and their families will move, along with approximately 100 newly hired staff.

Lee Jang-woo, Mayor of Daejeon, stated, “I will spare no administrative and financial support to ensure that the large-scale investment in Daejeon, a city with high life satisfaction, a good urban brand reputation, and a business-friendly environment, is recognized as a well-made decision.”

Choi Hoon, Chairman of Korea Wheel Co., Ltd., said, “We hope that relocating our headquarters, factory, and research institute to Daejeon and establishing additional new steel wheel production lines will help the company grow further and contribute to the development of the local economy.”

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