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Matador, DongWon Metal in 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 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 €10 million in their joint venture. Matador should 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. The venture will start production at the same time as the Hyundai/KIA car assembly plant. The joint venture in Slovakia will be the third investment by DongWon Metal in Europe.

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