Outbound Team and Automotive Team Advise on Establishment of USD 200 Million Automotive Parts Supplier Park in St. Petersburg, Russia
2010.12.01.
Yulchon's Outbound Team and Automotive Team advised on the establishment of a USD 200 million, 24 hectare industrial park in St. Petersburg, Russia for a consortium of seven Korean automotive parts suppliers including Daewon Sanup Co., Ltd., DH Holdings Co., Ltd., Doowon Climate Control Co., Ltd., Sungwoo Hitech, Sejong Industrial Co., Ltd., Shin Young Co., Ltd., and NVH Korea Inc. With the newly constructed factories and related facilities comprising the industrial park, the seven suppliers are now able to manufacture and supply automotive frames, metal parts, body parts, mufflers, air conditioners and other interior parts to Hyundai Motor Company's manufacturing facilities in Russia.
This project is one of the very few projects that have received approval by the St. Petersburg government as a strategic investment project, which guarantees various investment benefits and incentives, and is the first foreign-invested automotive parts industrial park with full manufacturing capabilities established through the joint-investment of multiple foreign auto parts suppliers.
Yulchon's Outbound Team and Automotive Team provided legal advice for the consortium and each individual supplier in close cooperation with local counsel Deloitte on every stage of the project starting from structuring of the project and obtaining strategic investment status to construction and commissioning of each plant and related facilities.
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