Korean Battery Part Supplier Thinks Big And Invests Heavily To Expand
2023. 05. 05.
South Korea-based Sang-A Frontec extends its production capacities at its site in Szada, Pest county. The company is implementing a EUR 25 million investment to ramp up manufacturing of plastic battery parts for its main client, Samsung SDI. The development will create 55 new jobs.
Sang-A Frontec’s corporate history dates back to 1974, but it wasn’t until 2019 when it set up its Hungarian arm in Szada, Pest county. The Korean company first implemented a brownfield investment by purchasing a moulding plant of 10,000 sq meters that was then upgraded.
To meet growing market demand, more specifically to able to supply its main client, Samsung SDI, Sang-A Frontec has decided to implement a EUR 25 million development. The company therefore purchases a plot where a new production plant will be erected to manufacture plastic battery parts. The investment is expected to create 55 new jobs.
The announcement marks another chapter in the history of recently surging Korean investments. The Asian country accounted for the most FDI in Hungary last year for the third time after 2019 and 2021, and it is the fourth largest foreign investor in the country. Total FDI volume of Korean companies amounts to USD 6.8 billion. Between 2014-2022 alone, 49 HIPA-guided deals with Korean involvement were closed that created nearly 15,000 new jobs for the Hungarian economy.
