South Korean automotive interiors maker Dong Kwang Ki Yeon will set up a joint venture with a US company to supply seat covers to GM Daewoo Auto & Technology, according to the Korea Times.
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The 50-50 joint venture with Lear Corp. will supply seat covers for 100,000 sports utility vehicles annually, the company reportedly said.
The two companies signed a preliminary agreement in October on setting up the joint venture, in which a total of 25 billion won ($24 million) will be invested, the report added.
The paper noted that Dong Kwang Ki Yeon has already started constructing a plant in Bupyeong, home to a GM Daewoo plant and about 20 kilometres west of Seoul, with a capacity to produce seat covers for 300,000 vehicles annually.
