South Korean auto parts maker Hyundai Mobis has unveiled plans to invest about 21 million euros ($24.1 million) to modernize and expand the output capacity of its production facility in Gbeľany, in Slovakia's northern part.
This comes a year after Hyundai Mobis invested 13 million euros ($14.9 million) at its plant, the state-run Slovak Investment and Trade Development Agency (SARIO) said in a news release.
As part of the planned investment, the South Korean firm is aiming to take on some 200 new workers at the factory.
In 2014, Hyundai Mobis posted revenues of about 1.4 billion euros ($1.6 billion) in the local market. With the planned investment, the producer is aiming to expand its revenues by more than 14 percent to some 1.6 billion euros ($1.8 billion), according to data obtained by the SARIO.
Hyundai Mobis produces car components with the use of plastics and other materials. The company says that its entirely automated injection molding system enables it to produce a wide range of bumpers, carriers, panels and other automotive parts.
Since 2006, the Slovak plant has supplied Kia Motors Slovakia. The South Korean car maker operates a plant in Teplička nad Váhom, Slovakia, which is located about 4 kilometers from the production facility of Hyundai Mobis.