July 27, 2014 / 12:01 AM / 4 years ago

S. Korea's Hyundai Mobis to build $129 mln car lamp plant in Czech Republic

SEOUL, July 27 (Reuters) - South Korea’s Hyundai Mobis Co Ltd on Sunday said it will build a 95.65 million euro ($129 million) factory in the Czech Republic to make car lamps for the local operations of compatriots Hyundai Motor Co and Kia Motors Corp.

Hyundai Mobis said it will sign an agreement on Tuesday with the Czech government to build its second plant in the country by 2017 near the city of Ostrava.

The factory will have the capacity to make head- and rear lamps for 750,000 vehicles a year made primarily at Hyundai’s local plant and Kia’s plant in neighbouring Slovakia.

With the agreement, Hyundai Mobis would become the latest Korean auto parts supplier to invest in the central European country, which is recovering from a record-long 18-month recession that ended last year.

Nexen Tire Corp last month said it planned to build a $1.18 billion tyre production facility in the Czech Republic from 2016 to 2023.

$1 = 0.7435 Euros Reporting by Hyunjoo Jin; Editing by Christopher Cushing

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