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(Yicai Global) June 20 -- An unconventional pair: China's spandex king turned into a robot maker Hagong Intelligent Robot will team up with South Korea's largest shipbuilder's investment arm to work jointly in the China market.
Hagong signed a cooperation agreement with Hyundai Heavy Industries Holdings and the pair may set up a joint venture later, the Jiangsu province-based firm said in a statement. The specific projects will be decided on a later date but the Chinese firm suggested that the deal will help it to consolidate technical reserves, create more products, and expand its market presence.
South Korea has the largest density of the use of robots in manufacturing and Hyundai Heavy Industries' robotics unit is one of the country's leading actors in the field. The firm's products include industrial robots, cleaning robots, and controllers.
Editor: Emmi Laine