Hando (CEO Kim Jeong-bae), a small-sized auto parts manufacturer in Korea, signed a 10-year, US$50 million-worth contract with ThyssenKrupp Presta (TKP) on August 27 to make inroads into the European car market. The contract is the product of 3 years worth of negotiations.
Located in Cheonan City, South Chungcheong Province, Hando is specialized in the manufacturing of steering yokes and shafts and won the US$5 Million Export Tower Award last year. The steering parts produced by the 120 employees are going to be supplied to Volkswagen, Audi, and BMW for 10 years to come. The new profits are estimated to be US$5 million per year during the period.
TKP, whose annual sales reach US$1.5 billion, is a subsidiary of ThyssenKrupp with an annual turnover of US$52.7 billion. It is one of the leading steering mechanism manufacturers globally. It now supplies steering devices and modules to German carmakers.