[ET NEWS] LG Innotek, the parts-making unit of LG Group, is building a new plant for auto parts in Pyeongtaek, Gyeonggi Province, industry sources told ET News on June 15.

The plant, located on a 40,000 square-meter site within an industrial complex in the city, is scheduled to start operations next year.

Sources said the new plant will further strengthen its presence in the burgeoning car parts market. The company posted 830 billion won (US$738 million) revenue last year, a 27 percent jump on-year.

As of March, the company has secured new orders worth 8.2 trillion won.

The amount of investment has not yet been revealed. Sources said it will focus more on quality control overall considering safety is key to vehicle manufacturing.

By Yun Keon-il (benyun@etnews.com) (jylee@heraldcorp.com)
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