Elektrobit Group Oyj - JOT Automation Group Plc has established a joint venture to the Republic of Korea
November 24, 1999
JOT Automation Group Plc has established a joint venture to the Republic of Korea
JOT Automation Group Plc has established a Joint Venture in Seoul, the Republic of Korea. The name of the new company will be JOT Automation Korea Ltd. JOT Automation Group Plc and Korea Mechatek Co. Ltd located in the Republic of Korea both own half of the new company. Letter of Intent of establishing the new company was announced in April 22, 1999.
The new company is responsible for the sales and marketing of JOT Automation Group Plc's products and turn key solutions and also for the producing of the After Sales services in the Republic of Korea. The new company will also sell and market products of Korea Mechatek Co. Ltd. in the area of the Republic of Korea.
Mr. Marko Lehtola has been appointed as the responsible Director of the new company. His posting will be in Seoul. Earlier Mr. Lehtola was employed by JOT as Project Manager in Finland and USA. Mr. Lehtola reports to the Director of JOT's Asian operations Mr. Jorma Meronen.
'Establishing of JOT Automation Korea Ltd is part of JOT's Asian strategy. Establishing a new company together with a known Korean partner gives good possibilities for fast growth of JOT Automation Korea Ltd', President, CEO Mr. Jorma Terentjeff comments. 'The fast recovery of the country of the recession and the robust growth of investments form a good market potential for JOT's products. Reorganization of the large electronics companies activities, which was put forward by the economic recession, gives possibility to new suppliers and concepts for entering the market. Because the market of the Republic of Korea has traditionally been very difficult to enter for European companies, we have chosen an unconventional form of activity for JOT, a Joint Venture. According to JOT's Asian strategy we have established a Representative Office in Singapore for South East Asia, Marketing and After Sales company in Hong Kong for China and as the most recent the Joint Venture in the Republic of Korea.'
JOT Automation Group specializes in manufacturing and marketing production automation for the electronics industry. The group has subsidiaries in eight countries. On September 30, 1999 the group employed 577 people and its net sales from January 1 to September 30, 1999 came to 75.4 million euros. The Company's shares are listed in the Helsinki Exchanges.
Oulunsalo, November 24, 1999
JOT Automation Group Plc
The Board of Directors
Jorma Terentjeff
President, CEO
