Investing in Japan
Latest UpdatesKorean aluminum wheel manufacturer HANDS Corporation establishes Japanese subsidiary in Yokohama
May 21, 2019
HANDS Corporation Ltd. is a manufacturer of automotive aluminum alloy wheels based in Incheon, Korea. Since its establishment in 1972, it has steadily expanded operations and, with an annual production volume of 12 million as of 2018, currently ranks top in Korea. Since current market demand for electric vehicles are significantly increasing, HANDS Corporation has been investing in noise reduction wheels, and also magnesium alloy wheel that maximize vehicle performance by weight reduction. HANDS holds several related patents for these technologies.
In addition to the three plants in Korea, HANDS Corporation has manufacturing and sales bases in China. In North America, it outsources production of products under its brand to local companies. In 2018, the company started work on building a plant in Morocco with aims to expand its presence and to produce additional wheels in the European and African markets. The new factory is scheduled to start operation from the end of 2019.
In Japan, HANDS Corporation has sold products to car manufacturers since 2002. The company established HANDS Japan Co., Ltd. in Yokohama in November 2018 aiming to further enhance sales channels. Its goal is to use its Japanese subsidiary to strengthen cooperation with Japanese automakers.
To assist with the establishment of the company’s base in Japan, the JETRO Invest Japan Business Support Center (IBSC) provided temporary office space; consultation on company registration, visa, and tax matters; and information on incentive programs. The IBSC also referred to local service providers (a certified legal specialist in company registration and visa application and a tax accountant) and local government officials.