South Korea’s Kos Wire to invest EUR 21.5mn plant in Lovosice, to employ 90 people.
South Korea’s Kos Wire to invest EUR 21.5mn plant in Lovosice, to employ 90 people. South Korea’s company Kos Wire, a member of the Kos Wire Group, is to build a plant for manufacturing stainless steel wires worth EUR 21.5mn (CZK 606.7mn) in Lovosice, state-owned investment promotion agency CzechInvest announced. The new plant is expected to start operating at end-2007 and employ some 90 people. The project for the plant construction has been divided in three phases – in the first one, the plant would produce about 300 tones of wire per month; while in the last phase in 2013 the output is to reach 1,000 tons per month. CzechInvest’s representative Lucie Podrapska explained that Kos Wire has been lured to the Czech market by the South Korean Hyundai investment as the Losovice plant would produce above all wires for the car industry, as well as by the easy access to customers in Western Europe and collaboration with existing carmakers in the country. Kos Wire, established in 1969, employs 450 people in six Korean plants with total output of 4,000 tons of wire per month.