South Korea Moss Axle Project was completed and put into operation at the end of the day

On the afternoon of August 24, South Korea's Komosa Co., Ltd. and Rizhao Economic Development Zone formally signed a contract for the cooperation of the Moss Automobile Axle in Taigong Hotel. Rizhao Municipal Party Committee Secretary and Chairman of the Standing Committee of the Municipal People's Congress Yang Jun, Deputy Secretary of the Municipal Party Committee and Mayor Zhao Xiaowei, Standing Committee of the Municipal Party Committee, Prof. Mao Jichun of the Publicity Department and Li Nanchun, Director of the Korean Enmas Corporation, attended the signing ceremony.

Yang Jun first expressed his congratulations on the successful cooperation between the two sides on behalf of the municipal party committee and the municipal government. He said that the cooperation between Rizhao and the Hyundai-Kia Motors Group has been a long time ago, and the automobile-supported parts and components projects such as the pre-cooperative WIA automobile engine and the WIA automobile mold have achieved sound and rapid development. This cooperation is another important achievement in the strategic cooperation between Rizhao City and Hyundai-Kia Group after Hyundai WIA engine and Hyundai Wia Mold.

Li Nanchun expressed his appreciation to Rizhao for its strong support for the development of the Hyundai-Kia Motors Group's sunshine project and stated that it will speed up the completion of the project and put into production, continue to expand new areas of cooperation, and promote mutual win.

Korea Komomo Co., Ltd. is one of the subsidiaries of Hyundai-Kia Motors Group of Korea. It is mainly composed of automobile chassis and seat production and sales. The total investment of the signed Moss Axle Bridge project is approximately 50 million U.S. dollars, of which, the first phase investment is 24 million U.S. dollars. It mainly produces SUV vehicle drive axles such as Tucson and Lions Run. The project is planned to start construction in October 2010 and will be completed and put into operation in December 2011. Before the completion of the construction of the new plant, the project party leased the plant on June 1, and this year it will produce 14,600 axles with sales of RMB 65 million.