CVTCorp, JMFT Expand In South Korea
By Mike Brezonick07 February 2017
CVTCorp, a global supplier of mechanical continuously variable transmissions (mCVT) and JMFT, a Korean manufacturer of wet friction, brake and transmission components, said they are expanding their relationship with the announcement of a new manufacturing facility in South Korea.
Located on 300,000 sq. ft. in the Sihwa Multi Techno Valley, the new factory will open in the first quarter of 2018. Total investment is over $20 million in land, buildings and four- and five-axis CNC machines, the companies said. The facility will be vertically integrated with onsite component manufacturing of gears, shafts, clutches and assembly for CVT cartridges and complete CVT transmissions.
“We are very pleased to take our mCVT technology to market and expand our existing relationship with JMFT, a well-respected supplier in the agricultural and construction equipment markets,” said Daniel Girard, CVTCorp CEO and founder. “This investment is the result of strong global demand for the mCVT product and it will enable us to support the business growth for years to come and provide local support to our Asian OEM’s customers.”
“JMFT is excited about the potential we see with the mCVT technology,” said Hong Seong-Deok, JMFT CEO. “Over the last year, we have spent a significant amount of time preparing to support production in Korea and talking with potential customers with positive results. We look forward to continuing to support the business and help CVTCorp grow.”
CVTCORP and JMFT will be showcasing their products and services at ConExpo-Con/Agg in booth S81049.