CVTCORP, a world leader in design and development of revolutionary high efficiency, traction-drive continuously variable transmissions (mCVT), and JMFT, a global leader in manufacturing of wet friction, brake and transmission components, are expanding their relationship with the announcement of a new $20 million state-of-the-art factory in South Korea.
Located on 300,000 sq. ft. of land in Sihwa Multi Techno Valley, the new factory will open in the first quarter of 2018. Total investment is over $20 million in land, buildings, and four- and five-axis CNC machines. The facility will be vertically integrated with component manufacturing on site of gears, shafts, clutches and assembly for the CVT cartridge and complete CVT transmissions.
Daniel Girard, CVTCORP CEO and founder says, “We are very pleased to take our mCVT technology to market and expand our existing relationship with JMFT, a well-respected supplier in the agricultural and construction equipment markets. This investment is the result of strong global demand for the mCVT product and it will enable us to support the business growth for years to come and provide local support to our Asian OEM’s customers.”
Hong Seong-Deok, JMFT CEO, says, “JMFT is excited about the potential we see with the mCVT technology. Over the last year, we have spent a significant amount of time preparing to support production in Korea and talking with potential customers with positive results. We look forward to continuing to support the business and help CVTCORP grow.”