In-Kyu Bae, CEO of Hyundai WIA, makes his first visit to IMTS in support of his ambitious plans for rapid company growth.
Hyundai WIA’s message for rapid growth is summed up in its show slogan: “Reaching New Heights.” This is an appropriate message for a company that has expanded its range of machine tools from 40 major types offered in 2005 to more than 100 today. Hyundai WIA is also aggressively investing in the expansion of its R&D capabilities, production output and customer outreach as part of its plan to become a top-five machine tool brand by 2016. In-Kyu Bae, the new CEO of Hyundai WIA, who recently announced the company’s ambitious plans, makes his first visit to IMTS this year in support of his bold growth initiative.
Investments are already underway to expand Hyundai WIA’s R&D center in Eiwang, South Korea, which will strengthen its ability to deliver advanced machine tool technology to the global marketplace. The company is also expanding its production capacity in Changwon, South Korea, a move it says will increase production capacity from approximately 8,600 to 14,600 machines per year. As a result, global annual revenue from machine tool sales is expected to grow from $1.2 billion to $1.8 billion by 2016.
The company also plans to construct several Hyundai WIA Technology Centers in key markets including the United States (here in Chicago), Brazil, Germany, India and China. It says each Technology Center will include ample space for machine tool integration, product demonstration and customer education. The centerpiece will be the Korean Technology Center, scheduled to open later this year at the company’s Changwon campus.
Learn more about Hyundai WIA’s growth plans and new technologies at Booth S-8948, where the company introduces six new machines to the North American market.
See what you missed at IMTS 2014!
Check out IMTSTV for segments about the show and what’s new in the world of manufacturing technology, then watch Shop Talk to get the Modern Machine Shop editors’ take on IMTS, the trends they’re seeing, and what’s coming next in your industry.