DGFEZ Signed MOU for Joint Investment for Auto Part Business Project in Yeongcheon Industry District
 -  Taegang Steel and CarTech(USA) to Invest 8 Million Dollars to Build a New Factory and Purchase New Equipment


DGFEZ (Commissioner Inseon Lee) signed an MOU with Taegang Steel Co., Ltd., Cartech, LLC., Province of Gyeongsangbukdo, and City of Yeongcheon at Yeongcheon City Hall on February 21.
 
Taegang Steel, which is a South Korean company induced an investment of 1.2 million dollars from a US company, Cartech, to invest in a new factory and equipment project, worth around 8 million dollars in total over an area of 10,511m2 within Yeongcheon Industry District.
 
With the signing of the new MOU, Taegang Steel now expanded its scope of business from contracted processing of coils to include projection welding, establishing a foothold for further growth in the future, while increasing the number of its employees from 10 to 23, creating 13 new jobs.
 
The investor, Cartech, LLC is an auto-part manufacturer located in Opelika, Alabama, with an expected annual sales of 54 million dollars this year. In the meantime, the director of DGFEZ himself engaged in investment sales pitches in Opelika in January last year. Then, the Mayor of Opelika visited DGFEZ in return in April, as a token of the cooperative network between them.
 
Commissioner Inseon Lee of DGFEZ said, “With the signing of the MOU between Taekang Steel Co., Ltg. and Cartech. LLC, now the advanced parts and materials industrial complex in Yeongcheon will have its 10th foreign tenant company,” adding “DGFEZ will be committed to ensure that the tenant companies of its industrial complexes may enjoy one-stop administrative support services and other supports to solve their difficulties and facilitate their successful businesses.”