[Asia Economy Reporter Oh Ju-yeon] Tire mold manufacturing specialist Sehwa IMC announced on the 4th that it has signed new tire mold contracts worth approximately 900,000 euros (about 1.2 billion KRW) with Algerian tire manufacturer IRIS and Uzbek company SAMAMA. The contracts are valued at about 850 million KRW for IRIS and about 350 million KRW for SAMAMA.
A Sehwa IMC official stated, "IRIS, after domestic distribution within the country, has obtained ECE (European certification) and DOT (North American certification), and is planning factory expansion for exports to North America, Brazil, Bangladesh, Jordan, Russia, and Turkey. They placed orders trusting Sehwa IMC’s quality and brand, and additional orders are expected in the future."
He added, "The contract signed last month with BIRINCHI, a state-owned tire manufacturer in Uzbekistan, served as a foothold, enabling a second entry into Uzbekistan. The new company Quality Service For Cars Ltd plans to produce tires under the SAMAMA brand."
Meanwhile, Sehwa IMC has recently shown consecutive successes in overseas expansion by signing a contract with Russian company Cordiant. Due to overseas expansion, market share is gradually increasing, proving the performance improvement and potential outlined in the improvement plan submitted to the Korea Exchange’s Corporate Evaluation Committee.
A company representative said, "Along with sales activities, we will do our best to satisfy customer demands through efforts such as quality improvement and cost reduction, and to secure additional orders. We will continuously explore global markets where we can enter and implement plans to develop new markets to increase order volumes."
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