Hyundai Motor to Build 2nd Engine Plant in US
Hyundai Motor, Korea's top automaker, will construct its second U.S. engine plant in Montgomery, Alabama, for about $270 million to meet growing U.S. demand, the Montgomery Area Chamber of Commerce said Tuesday.
The new production facility will manufacture 2.4-liter engines, the chamber said in a statement posted on its Web site.
The second engine plant will start operations in September 2008, according to the statement.
In 2005, Hyundai opened its first factory for $1 billion in Montgomery.
The news of second engine plant is Hyundai's first new project after its Chairman Chung Mong-koo was sentenced to three years in prison earlier last month for embezzlement and other charges.
On Feb. 5, a Seoul court gave the 69-year-old tycoon three years in jail for raising slush funds worth $110 million from company coffers and bribing government officials for business favors. Chung is currently free while appealing his conviction.
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