TYM Completes Absorption Merger with Gukje Comprehensive Machinery... "Will Grow into a 1 Trillion KRW Sales Company"

[Asia Economy Reporter Kwak Min-jae] Domestic agricultural machinery company TYM announced on the 1st that it has completed the absorption merger with Gukje Comprehensive Machinery and officially launched as the TYM Group. It has been three months since the absorption merger was announced in April.

Through this merger, TYM expects to achieve a ripple effect in production, operations, and performance, anticipating sales growth exceeding 1 trillion KRW this year. By integrating production processes and eliminating duplicate costs and investments, the company plans to enhance cost competitiveness. An increase in operating leverage due to expanded production scale, improved cost competitiveness from in-house engine production, and systematization of engine supply are also expected.

Additionally, TYM plans to improve work efficiency through the integration and efficient allocation of human resources. By unifying the decision-making system, the company aims to dramatically enhance management efficiency and secure future growth engines.

TYM is also working to strengthen its influence in the global market. Currently securing about 300 dealers in the North American region, the company believes it can increase market share in North America by expanding contact points with new dealers. Based on production capacity in North America, plans to increase investment in other countries will also be reviewed.

The company plans to strengthen agtech to promote advanced agriculture. Aiming to build a future smart farm environment, TYM is preparing to enter platform services through the tractor management service “MYTYM,” based on the telematics system introduced in March. Furthermore, leveraging its know-how from developing Korea’s first autonomous tractor, TYM intends to bring tractors equipped with Level 2 autonomous driving technology to the commercialization stage.

A TYM official stated, “In addition to achieving the highest operating profit margin among domestic agricultural machinery companies this year, we are launching as a unified company with Gukje Comprehensive Machinery, which has a long history and solid production capabilities, and we aim to become a future brand that delivers innovative value.”