New Factory to Be Built After Consolidation in Seonghwan
15 New Employees to Be Hired
On May 16, the city of Cheonan in South Chungcheong Province announced that it has successfully attracted an investment of 17.4 billion won from SM Tech, a company specializing in the production of parts for aircraft and guided weapon launchers.
SM Tech has been operating its headquarters and first plant in Dunpo-myeon, Asan, as well as its second plant in Seonghwan-eup, Cheonan. However, following this agreement, the company plans to relocate and consolidate its operations in Yulgeum-ri, Seonghwan-eup.
In response to the increasing volume of orders resulting from the global growth of the domestic defense industry, SM Tech will invest 17.4 billion won to build a new factory on a 20,166-square-meter site and hire 15 new employees.
The city plans to provide administrative and financial support to ensure a smooth consolidation and relocation process for SM Tech.
Kim Seokpil, acting mayor, stated, "Through this agreement, we expect to inject new vitality into the local economy by creating an investment of 17.4 billion won and generating more than 80 jobs in total."
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