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Biz News Korea(Eng)
Hyundai Elevator to open plant in Turkey, add office in India
- Collected
- 2017.02.10
- Distributed
- 2017.02.13
- Source
- Go Direct
Photo by Kim Jae-hoon
“We aspire to move up to the seventh in the global rank from current ninth place by doubling the share of overseas revenue to 40 percent in four years,” he said.
The company will establish a subsidiary in India this year and either buy or build a factory in Turkey as a stepping stone for the Eastern European elevator market.
Its Chinese subsidiary generates relatively low return on sales of 2 percent to 3 percent in a market that commands 70 percent of global demand in elevators. The company is on track to meet 2019 completion of a second plant near Shanghai and growing demand as operation level at its existing plant nears full capacity.
In Korea, the company will reinforce maintenance division. Maintenance contributes to 20 percent to 30 percent of operating income.
Hyundai Elevator for full 2016 registered largest-ever operating profit of 182.1 billion won ($158 million) on sales of 1.8 trillion won, up 16.4 percent and 21.4 percent, respectively. The fourth quarter earnings were also best-ever - 46.8 billion won in operating profit on 497.1 billion sales.
As of 14:38 a.m. on Friday, shares of Hyundai Elevator stand at 59,400 won, up 2,400 won or 4.21 percent from the previous session.
By Yoon Jin-ho and Lee Yong-gun
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