Due to Gwangju Metropolitan City's efforts to attract investment, global commercial vehicle brand Iveco has established its headquarters and plant in the city.
CNH Industrial Korea LLC., a subsidiary of Iveco in Korea, held the inauguration ceremony of its subsidiary and plant in Korea at its headquarters in Woljeon-dong, Gwangsan-gu on June 5, launching new Euro 6 models, including the Stralis and Trakker, heavy duty trucks, and the Eurocargo, a medium duty truck.
CNH Industrial is a new company created following the merger of Fiat Industrial, an Italian-based company that produces commercial vehicles, and Case New Holland Global, a Dutch-based manufacturer of agricultural and construction equipment, in 2014. The company is a leading global manufacturer of various construction equipment and agricultural machinery such as compact vans, heavy duty trailers, commercial vehicles, and dump trucks.
CNH Industrial has decided to invest US$7.5 million (8.3 billion won) in Gwangju to build and manage CNH Industrial Korea LLC. (CEO Michele Lombardi) and a plant, and also has prepared to open the plant in the industrial complex in Woljeon-dong.
Koray K. Kursunoglu, regional director of Southeast Asia at Iveco, said in the ceremony, “From Feb. last year, we have discussed investment for Korean incorporation with Gwangju Metropolitan City. We considered other areas in order to reduce distribution costs. However, we selected Gwangju as the final investment due to active support of the city and infrastructure in the auto industry.”