페이지 정보작성일17-09-28 18:23 조회3,663회
1. Introduction of Caterpillar Precision Seals Korea
We make metal seals that go in undercarriage parts for excavators and bull dozers. They are also used in final drive motors for other heavy construction equipment like mining trucks. We were purchased by Caterpillar in 2010 to ensure supply for these critical components. This was the first facility that Caterpillar operated in South Korea for over 90 years since Caterpillar began operations in 1925 so we are very excited to be part of the Korean business community. We have 260 employees with our sole factory being in Pyeongtaek, but we ship products all over the world both to Caterpillar and other OEM customers. We are the sole or preferred seal provider to great Korean companies like Doosan, Volvo Korea and Sungbo.
2. Why did you invested in Korea?
Caterpillar Precision Seals Korea (CPSK) has the highest production capability for metal seals in the world (up to 1 million per month). As Caterpillar continues to grow, this part is critical is highly engineered and the quality is most important. CPSK has had a very strong reputation for quality. Also, CPSK can make these seals using centrifugal casting. It is only 1 of 3 companies in the world to have this technology which Caterpillar wanted to use. Korea has a reputation for having hard-working employees that produce quality products with very innovative ideas. It is a great match with the type of company Caterpillar is. Also, many of the factories in America and Europe are moving to Asia due to demand and cost advantages, so having a Korean base also makes good supply chain efficiencies.
3. Evaluate Korea’s Global Competitiveness and investment environment compared to other Asia countries
As companies like Samsung and Hyundai grow in world prominence, Korea’s global competitiveness also continues to grow. When comparing to other Asia countries, the quality of life is one of Korea’s advantages which allows foreigners to feel comfortable, not only living in Korea (as ex-pats), but also living here with their families. Our strong infrastructure and commitment to business growth allows companies to expand to other parts of the world. Obviously, there are some current issues like challenges with North Korea and probes into business corruption, but with strong leadership, these issues can be addressed and further strengthen Korea’s image as a global economy ready to support investment. Having organizations like KOTRA and strong proficiency in English are also attractive benefits.
4. What support do you want from the Korean government? Also, what is the obstacle of investment activities and business activities?
Currently we are having some challenges in our environmental regulations. Part of the challenge is learning these issues being an American company without a lot of knowledge of Korean laws and regulations. While hiring local Korean talent is critical, it would be helpful for governmental assistance on such matters.
5. What is the reason for a multinational’s success in Korea?
Korea has a very strong education system so the work force is highly educated and more importantly, motivated to succeed. In the younger generations, English is a stronger skill which helps overall with MNC success. Our culture of hard work and teamwork mentality are also very strong success factors.
6. What are your management plans in 2017?
We are planning on having a significant shift in our business to larger seals which result in higher revenue and margins. In order to do this, we are considering a move to a much larger location to match our increased demand as well as more complicated machinery for larger seals. We are also focusing on giving our employees a stronger global perspective by sending more people overseas for training and development.