Posted to News on 26th Jan 2009, 12:14
Vacon establishes South Korean subsidiary
Vacon has established a subsidiary in Seoul, South Korea. The new subsidiary, which started operations on 1 January 2009, will serve distributors and partners in the East Asian market. Vacon's goal is to increase its market share in the region.
Heikki Hiltunen, Executive Vice President of Vacon, says: "Establishing a subsidiary in South Korea is a part of our global strategy and profitable growth programme. Within the framework of this programme, we have been increasing the number of Vacon offices globally in the recent years. This allows us to offer the best possible service and to find new partners."
The new subsidiary will give Vacon possibilities to win more significant shares of the East Asian markets and to further improve support to the company's distributors and partners in the region.
Jae Kyu Lee, Managing Director of Vacon's South Korea subsidiary, says: "Vacon has, for many years, been partnering with a local brand label customer and with several local distributors, and the partnerships with them will continue in the future. Our goal is to support our present partners and expanding our business in co-operation with them in East Asia.
"Local presence also provides us with better opportunities to conquer new markets eg among OEM customers, who require highly advanced AC drives knowhow. Our main segments in South Korea will be the marine and offshore industry, cranes and the metal and chemical industries."
With a population of more than 10million, Seoul is a well-known financial and commercial centre, making a local presence important for Vacon.
