Tokyo, Oct 12, 2010 (JCN) - Toyo Engineering Corp. has set up a joint venture (JV) with Korea's LG Group through Toyo Engineering Korea Ltd and Serveone Co. Ltd, both of which are wholly owned subsidiaries of their respective parent companies. The JV commenced operation last October 1, 2010.
LG Group has created an investment plan for the new venture involving the establishment of a Green Business on a global basis. TOYO, which is actively promoting global operations and diversity of business domains, expects to be able to effectively utilize their global resources and create greater opportunities to develop non-hydrocarbon business. Both companies have cooperated with each other to establish the above-mentioned engineering platform.
The JV, LG Toyo Engineering Co. Ltd, will be headed by President and CEO Tae-O Kim, and is located in Seoul, South Korean. Initial capital has been set at 10 billion won, and 70 percent of the venture is controlled by Serveone, with the remaining 30 percent controlled by Toyo-Korea. The joint venture has an initial workforce of 100. This is expected to increase gradually as work progresses.
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