Korean-based Daewon America, a manufacturer of coil spring and stabilizer bars, will invest $16 million to upgrade its Opelika, Alabama, production facility for a second time this year, with plans to hire 30 new associates.
The additional investment is for a new coil spring line expansion to serve the auto industry and will bring Daewon America’s total capital investment in Opelika to over $80 million, Opelika Economic Development officials said. Daewon America, a division of Daewon Kang Up, is located in the Northeast Opelika Industrial Park.
Mayor Gary Fuller expressed his gratitude to Daewon America for their continued growth in Opelika. “We’re pleased that Daewon is making this additional investment in Opelika. Their need for additional capacity is a good indication that Daewon is enjoying success here in Opelika. It is wonderful to see existing industry continue to grow and bring more opportunities for our citizens.”
As an incentive the Opelika City Council granted additional tax abatements for this new investment. City Council President Eddie Smith said “we are thankful for this additional investment and the new jobs created by Daewon.”
In February the firm Invested $13 million in an expansion and hired slightly more than 30 additional employees, with the assistance of an earlier tax abatement.
Earlier this year Gov. Robert Bentley said; “I am proud of the relationship that the State and the City of Opelika have established with Daewon America and the jobs the company has already brought to the Lee County area. Daewon is a world-class operation that has been located in Opelika since 2007. It is a testament to the state’s excellent business climate that the company continues to grow and prosper right here in our state.”
Alabama Development Office Director Greg Canfield said; “Daewon’s announcement today reflects the strength of Alabama’s automotive industry and the cooperative relationships we have established that have resulted in continued growth. It is important that our existing industries be nourished so that they grow in Alabama. We have made this one of our top priorities.”