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Biz News Korea(Eng)
Tong Yang Moolsan adds Eastern Europe as its new overseas market
- Collected
- 2018.01.02
- Distributed
- 2018.01.03
- Source
- Go Direct
Tong Yang Moolsan in September last year signed a contract to supply at least $30 million worth of its products to Zetor, a European tractor manufacturer, over the next three years. Zetor founded in 1946 has grown into one of the best-known tractor makers in Eastern Europe. The Czech-based company has sold more than 1.3 million units of tractors to 136 countries around the world, and the share of exports in its total sales reaches 85 percent.
It also has its own technology to produce engines with horsepower ranging from 60 to 180. An official from Tong Yang Moolsan said that the contract with Zetor would help it boost its sales in Eastern Europe.
Tong Yang Moolsan, an affiliate of Byucksan Group, went public in 1973 and generates almost 80 percent of its revenue from the tractor business. It has been supplying its tractors worth more than $100 million a year to Mahindra USA Inc., an American subsidiary of Indian automaker Mahindra & Mahindra Ltd. It shipped around 5,500 units of tractors to Mahindra USA in 2015, 9,000 units in 2016 and 11,000 units last year.
As of 1:32 p.m. on Tuesday, shares of Tong Yang Moolsan rose 1.23 percent to 1,650 won in Seoul trading.
By Song Min-geun and Choi Mira
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]