TYM to Invest $20M in Production Facilities in Georgia
Monday, May 23rd, 2022
TYM Group's North American subsidiaries, TYM-USA and Branson, plan to expand their North American market share through large-scale investment into production facilities in the United States.
On the 20th of May, TYM (Chairman: Kim Hi-yong, CEO: Kim Do-Hoon / formerly Tongyang Moolsan Co., LTD), the leading South Korean agricultural machinery maker, revealed its plans to invest more than 20 million dollars into manufacturing facilities in Georgia, USA by joining forces with its North American subsidiaries, TYM-USA and Branson.
The investment plan included the construction of a 142,500 square feet factory equipped with the latest cutting edge manufacturing technology on TYM's 900,000 square feet factory grounds in Rome, Georgia. The expansion of current parts center and the establishment of the TYM Technology Institute (TTI) for service education were also included in the investment plan. TYM announced that it has completed negotiations with the Georgia state government and that it will begin the factory design work in May, with the goal of completion in June 2023. "We expect to create more than 150 jobs within the state of Georgia through this investment," a TYM representative said.
TYM, which currently has production facilities in four states in the USA, plans to increase its annual tractor production in North America from 30,000 to 50,000 units through this newest investment plan. In addition, TYM will establish assembly lines for local tractor production in North America by expanding its current Semi Knock Down (SKD) assembly lines into Complete Knock Down (CKD) facilities. The South Korean tractor manufacturer plans to dramatically enhance product quality while improving parts supply and service to more than 300 dealerships in North America and expand its customer contact points.
TYM Group is currently among the top five tractor manufacturers in North America, with total manufacturing market share of more than 10% in the North American tractor market under 100HP. With the outstanding performance of TYM-USA and Branson, the TYM Group has enjoyed an annual growth rate of 17% since 2017, as its exports to North America over the past five years soared from $150 million in 2017 to $330 million in 2021. The tractor manufacturer aims to export more than $470 million in 2022, a 41% increase from the previous year.
It is TYM's ambitious plan to take the leap into becoming a top three brand in the North American market by launching the new TYM North America and expanding its production facility through this major investment to support its rapid growth in the market.
"This investment in North America is a part of an effort by TYM to maximize the customer experience. We aim to provide the best of TYM's products and service to more customers and establish trust and business value with our partners," said the head of TYM Overseas Business Division. He added, "It was very meaningful for the opportunity to contribute to the cooperation between USA and Korea through this major facility investment in Georgia, in line with President Biden's visit to Korea."