Hyundai Heavy Industries on Tuesday signed an agreement with the state of Rio de Janeiro and the city of Itatiaia to set up a plant producing construction equipment in the Brazilian city.
For the plant, the company will invest $150 million and the Brazilian government will provide support in building gas and water supply lines, and other infrastructure, Hyundai Heavy said.
The company plans to complete the construction of the plant at the end of 2012, and double its production capacity by 2014.
The plant will initially will be able to produce 2,000 excavators and loaders on an annual basis.
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