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FINANCIAL NEWS
Hyundai Mobis opens $20m logistics center in Egypt
27 Apr 2010
(MENAFN) Hyundai Mobis Co., South Korea’s top auto-parts maker, said that that it has launched a logistics center in Egypt, becoming the first South Korean company to do so in the African nation, Reuters reported.
According to Hyundai Mobis, the new logistics center will be built in the city of Alexandria, Egypt’s second largest city, with investments worth $20 million, as it will be responsible for manufacturing and distributing more than 70,000 auto-parts in the North African region.
The company added it is targeting sales of $70 million this year, and more than $200 million in 2016, as demand for South Korean automobiles are expected to grow in the region.
Hyundai Mobis added the total units in operation (UIO) by Hyundai Motor and Kia Motors Corp., both affiliates of the auto- parts maker, in the region will grow from 800,000 vehicles this year to 1 million units by 2012.
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