Scania Invests in South Korea.Business Editors STOCKHOLM, Sweden--(BUSINESS WIRE)--Dec. 17, 2001 Scania is to invest USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.3 million initially in a new distribution facility in Sacheon in southern South Korea. The company is also studying the feasibility of developing Sacheon as a new hub for its expanding business in the country. As part of the establishment of Scania's new facility, the company has signed an agreement-in-principle (letter of intent) with the local provincial administration regarding the allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of land and other support for the development. The intention is to successively concentrate most of the company's strong and rapidly growing operations in Korea in this location. In view of the present growth in volumes, Scania is running the risk of a capacity shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. in Korea. The agreement with the provincial administration provides scope for further investment up to a total of USD 30 million over a five-year period. If Scania avails fully of the opportunities available for expansion in Sacheon, the plans will include expansion of the local bodybuilding bodybuilding Developing of the physique through exercise and diet, often for competitive exhibition. Bodybuilding aims at displaying pronounced muscle tone and exaggerated muscle mass and definition for overall aesthetic effect. operation, which is presently located in Naju. The construction of a new central parts warehouse is also planned. Sacheon is strategically located close to two airports and to some of South Korea's most important deep-water ports. Following the economic crisis of 1997-98, South Korea has again become one of Scania's strongest markets in Asia. The company's new sales of heavy trucks, which declined to almost zero during the crisis, will reach about 1,200 units this year. As the market leader among imported makes, Scania delivered 1,100 trucks by 1 November 2001. Scania is one of the world's leading manufacturers of trucks and buses for heavy transport applications, and of industrial and marine engines. With 26,900 employees and production facilities in Europe and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , Scania is one of the most profitable companies in its sector. In 2000, turnover totalled SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 53,800 million and the result after financial items was SEK 4,500 million. Scania products are marketed in about 100 countries worldwide and some 95 percent of Scania's vehicles are sold outside Sweden. Scania press releases are available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , www.scania.com. Note to Editors: This press release is also accessible online at www.Waymaker.net. |
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