ERJ staff report (DS)
Seoul, Korea -- South Korea's tier-one automotive supplier, Hwaseung Corporation, has signed a long-term supply deal for EPDM polymers from Lanxess AG. The two companies have also agreed to develop R&D activities in specialised rubber applications. Financial details were not disclosed, but local press reports suggested the current agreement lasts five years.
Hwaseung Corporation is a leading supplier of rubber components and other materials to global automobile producers, including the Korean manufactures Hyundai and Kia. South Korea is already one of the top five automobile producers in the world.
The deal was signed during Lanxess â€œRubber Day Koreaâ€ in Jeju, Korea by Guenther Weymans, Global Head of Lanxess' Technical Rubber Products business unit, and Yoohwi Choi, Senior Vice President of Hwaseung Networks - a subsidiary of Hwaseung Corporation.
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Press release from Lanxess