UK’s Babcock to launch Korean branch
[THE INVESTOR] UK’s engineering outsourcing company Babcock International is launching its Korean branch in its renewed push for the local defense market, according to industry sources on Feb. 12.
The Busan city government is scheduled to sign a memorandum of understanding with Babcock later this month, under which the firm will lease a 3,300 square-meter site within the free economic zone to operate a parts assembly plant and other office buildings.
Based in the southernmost port city, Babcock plans to beef up its Korean business, offering parts production and maintenance services for vessels and other defense support. The firm has been seeking an expansion in Korea as it participated in the 3,000-ton Jangbogo III submarine project.
The firm’s initial investment is worth about 2.1 billion won (US$1.93 million).
By Lee Ji-yoon (firstname.lastname@example.org)