KOS WIRE LTD to invest nearly a quarter of a billion euros in Lovosice
22 Nov. 2006 | CzechInvest | The Korean company KOS WIRE LTD, a member of the KOS GROUP, will build a new plant for the production of stainless-steel wire in the Cukrovar industrial zone in Lovosice. In three phases the company will gradually invest EUR 21,5 million and employ approximately 90 people.
By the end of 2007, KOS will produce several types of stainless wire suitable for use primarily in the automobile industry. The company will use special, environmentally friendly wire-drawing technologies. "The city of Lovosice is very pleased that it can welcome another investor that will create new jobs. At the same time, I expect that the production process will not negatively affect the natural environment and will not in any way damage the quality of life in Lovosice," statesJan Kulhánek, Mayor of Lovosice city.
"The KOSWIRE project is especially interesting in that a Korean investor decided to build a new plant on the site of an abandoned sugar mill instead of on a green field," says Tomas Hruda, CEO of CzechInvest. “The new plant will thus transform the derelict building, which would otherwise be a burden on the environment. The regeneration of abandoned industrial sites, so-called brownfields, is among CzechInvest's long-term priorities.”
“We divided the project into three phases in a six-year timeframe. In the first phase, we will start with the production of around 300 tonnes of wire per month. In the last phase, in 2013, we would like to be producing up to 1,000 tonnes per month,” says Kwang Cho HAN, executive director of KOS GROUP, describing the Investment.
“For the future, KOS WIRE is planning to make its Czech branch one of its main plants for the European market," says Lucie Podrapska, chief of the regional CzechInvest Agency office in Ústí nad Labem. “Kos Wire is yet another company from South Korea that Hyundai’s investment in Nosovice has helped to attract to the Czech Republic.“
Easy access to customers in Western Europe and collaboration with existing carmakers in the Czech Republic are among the main factors that influenced KOS WIRE in its decision to locate its investment in Lovosice.
MORE ABOUT KOS WIRE
KOS WIRE LTD was established in 1969 as a subsidiary of KISWIRE. The company employs a total of 450 people in seven plants in Korea with total output of 4,000 tonnes of wire per month. The parent company, KISWIRE GROUP, employs 3,000 people.
Gyeong Hyeon DO