Daedong Door, a South Korea-based producer of parts and systems for vehicle doors, signed a letter of intent to invest MXN 600 million ($32 million) in the central Mexican state of Zacatecas, the state government reported in a press release.
Daedong Door Executive Vice President Seung Chul Song met with Governor David Monreal Ávila in Zacatecas, a city located 390 miles northwest of Mexico City.
According to the press release, Seung Chul Song said that in the first phase of the project in Mexico, Daedong Door will invest MXN 600 million and generate 300 new jobs to manufacture door modules, window regulators and door latches.
According to the government of Zacatecas, Daedong Door has production plants in Korea, China, India, the United States, Hungary, Japan and Mexico (Monterrey, Nuevo León). Its main clients are Kia Motors (47 percent) and Hyundai (37 percent).
The state government did not specify when construction of the plant would begin and when production could commence.
Daedong Door's investment adds to those announced by the South Korea-based companies MR Infra Auto, a producer of auto parts, and TRIS Tubes, a seamless tube maker for the energy industry.