Kyungshin Corporation Business Report FY ended Dec. 2019
Recent Financial Development
| Financial Overview (Consolidated) | (in millions of won) |
| FY ended Dec. 31, 2019 | FY ended Dec. 31, 2018 | Rate of change (%) |
|
| Sales | 1,567,239 | 1,604,636 | (2.33) |
| Operating income | 14,559 | (5,352) | - |
| Net income | 11,865 | 3,696 | 221.02 |
Investment
-The Development Agency of Serbia announced that South Korean company Kyungshin Cable plans to invest EUR 20 million in the construction of a plant for electric vehicle charger cable sets in Smederevska Palanka (Serbia). The local government of Smederevska Palanka and Kyungshin Cable signed a MoU for this project, which will employ at least 700 people. Kyungshin Cable plans to start the construction of the plant in April and to complete it in 2021. Kyungshin Cable operates within the Kyungshin Group and manufactures electronic components for the automotive industry, mainly cable sets for manufacturers such as Hyundai, Kia, Volkswagen, Ford, Volvo, and BMW. (From an article of Development Agency of Serbia on March 6, 2020)
Subsidiaries
<China>
-Jiangsu Kyungshin Electronic Co., Ltd. recorded sales of KRW 210 billion in 2012. The Chinese subsidiary's sales target for 2013 is set at KRW 250 billion. Jiangsu Kyungshin Electronic supplies wire harnesses mainly to the Yancheng Plant (Jiangsu Province) of Dongfeng Yueda Kia. (From a press release on April 6, 2013)
<USA>
-In 2009, the Company transferred the 51.0 percent of the shares it had in KLSE to Kyungshin America Corporation.
-In June 2008, the Company raised the equity stake in Lear-Kyungshin Sales and Engineering LLC (KLSE) of the U.S. from 40.0 percent to 51.0 percent.
-In April 2008, the Company established Kyungshin America Corporation, a wholly owned subsidiary in Georgia, U.S.A. to sell wire harnesses.
<Honduras>
-In June 2008, the Company increased the equity stake in Honduras Electrical Distribution Systems, S. de R. L. de C. V. in Honduras from 40.0 percent to 51.0 percent.
<Cambodia>
-In May 2012, the Company established Kyungshin (Cambodia) Corporation in Kandal Province to perform processing of wire harnesses.
R&D Structure
-In May 2005, the Company relocated its headquarters and research center to Incheon.
-In January 1999, the Company established its Main Technology Research Center in Asan, Chungcheongnam-do.
Technical alliances
-In April 2003, the Company signed a contract with Sumitomo Electric Industries, Ltd. and Sumitomo Wiring Systems Ltd. regarding engineer training and technical assistance.
-In April 2002, the Company signed a comprehensive technical alliance contract with Lear Corporation (U.S.A) regarding design and development of electric and electronic components.