29 Mar 2022 09:10

S. Korea's Yura Corporation to continue making auto components in Pskov Region - govt

PSKOV. March 29 (Interfax) - Yura Corporation Rus LLC, the Russian division of South Korea's Yura Corporation, plans to continue manufacturing automobile components in Russia's Pskov Region, the regional government's press center said after a meeting between Governor Mikhail Vedernikov and the company's management.

"We are interested in continuing to work in Pskov Region. Our company has serious plans to expand production. Preparatory work has already begun on the construction of a new plant. We need to get through this period and begin to work again. We do not have plans to close production," Yura Corporation Rus CEO Ban Yengwan was quoted as saying in the press release.

The company's plant, which has more than 1,000 employees, suspended production in March due to supply chain disruptions. During the down time, the company is paying partial wages to workers.

The company is having difficulties with financing, but it is prepared to continue like this for several months in order to preserve its team, the CEO said.

Vedernikov said he is prepared to hold negotiations with Russia's Industry and Trade Ministry to include Yura Corporation Rus in the list of systemic companies, which would make it eligible for subsidized loans to bolster working capital.

Yura Corporation Rus has two plants in Russia's Northwest Federal District, in Pskov and Ivangorod, Leningrad Region. The company manufactures wiring for Hyundai and Kia automobiles.

Yura Corporation Rus was founded in 2008 and is a wholly owned subsidiary of South Korea's Yura Corporation, the Unified State Register of Legal Entities showed.