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Biz News Korea(Eng)
Korea’s Kyungdong Navien becoming household boiler name overseas
- Collected
- 2016.10.24
- Distributed
- 2016.10.25
- Source
- Go Direct
According to the boiler industry on Sunday, the boiler company’s exports made up 50.5 percent of its sales of 247.2 billion won ($218 million) in the first half of this year.
Last year, the company was responsible for 71.8 percent of the country’s total outbound shipment of boilers as 48.5 percent of its sales came from exports.
The producer of gas and oil boilers for homes made fast strides in overseas. Thanks to growth in overseas demand, sales in the first half increased 17.8 percent from last year when sales had hit record high. Sales this year is expected to reach new high of 602 billion won, up 90 billion won from last year.
Sales in the North American market totaled 99.3 billion won, equivalent to 81 percent of domestic sales.
“We are selling boilers and water heaters to warm countries like the Middle East and South America on top of North American countries and China,” said an official of the company.
The company has exported boilers and water heaters to more than 30 countries including Kazakhstan, Ukraine, Spain Greece Brazil and Uruguay.
Due to increasing demand, the company has to expand its foreign operations. It established outlets in Russian in 2013 and the U.K. in 2014 following the Chinese and U.S. operations. The company is considering adding operations in Australia and South America. The number of employees working in foreign operations has already exceeded 300. Most of them are local hires.
By Seo Chan-dong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]