Taihan Electric Wire’s factory in Dangjin, South Chungcheong Province. (image: Taihan Electric Wire)
SEOUL, June 16 (Korea Bizwire) — Taihan Cable & Solution Co., a major cable maker in South Korea, said Thursday that it has signed a deal to set up a US$80-million joint venture in Saudi Arabia to produce high-voltage power cables.
Under the deal with Mohammed Al-Ojaimi Group, Taihan Cable & Solution will set up the joint venture, named Saudi-Taihan Cable & Solution, in the kingdom’s capital of Riyadh, with Taihan holding a 51-percent stake in the company.
The joint venture will begin the construction of a plant within this year, and plans to complete the facility by 2023.
Taihan Cable said the business cooperation will help expand its presence in the Middle East region and Europe.
(Yonhap)
