South Korea’s agricultural machinery manufacturer TYM is adding a tractor plant in Rome, Georgia at a cost of $20 million to expand presence in the United States.

The company announced on Friday that it would build a production base of 13,223 square meters on a site of 82,644 square meters, equipped with a component manufacturing facility and a training center.

It completed discussions on the investment with the Georgia state government and will go into plant design, targeting construction completion in June 2023.

The farming machinery maker, running production bases in four states in the U.S., plans to push its tractor production up to 50,000 units per year from the current 30,000. It also plans to make its new plant in Georgia cover the whole assembly lines for finished products. By doing so, it hopes to improve product and service levels in the North American market where it sells through 300 dealerships.

The company, holding its North American operation TYM-USA and Kukje Machinery’s North American operation Branson, takes more than 10 percent of the market for tractors under 100 horsepower.

It is one of the top five tractor manufacturers in the North American market. Shipments to North America grew 17 percent per year, from $150 million in 2017 to $330 million in 2021. This year, it hopes to increase its exports to $470 million, up 41 percent from the previous year.

TYM shares traded up 3.74 percent to 3,335 won in the morning session on Friday.

By Pulse

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