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Matador and DongWon Metal set up joint venture

SLOVAK tyre firm Matador Púchov and South Korean company DongWon Metal are to set up a joint venture. Representatives signed an agreement on the venture on March 29, the news wire SITA reported.

The new company will supply car door constructions for the Hyundai/KIA plant near Žilina, which is expected to launch operations in 2006.

The companies plan to invest EUR10 million in their joint venture. Matador will control 65 percent and DongWon Metal the rest, said Matador's spokesman Dušan Koblišek.

The joint venture will be one of the first suppliers for Hyundai/KIA in Slovakia. It should be located on the premises of the company Matador Automotive in Dubnica nad Váhom.

The venture might secure jobs for about 170 people. It will start production at the same time as the Korean carmaker. The joint venture in Slovakia will be DongWon Metal’s third investment in Europe.

Compiled by Beata Balogová from press reports
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