TYM to Invest $20M in Georgia Production Facilities, Plans to Become Top 3 in North America
TYM, the South Korean agricultural machinery maker, has announced plans to invest more than $20 million into manufacturing facilities in Georgia, by joining forces with its North American subsidiaries, TYM-USA and Branson.
The investment plan includes 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 are also included in the investment plan.
TYM reports that it has completed negotiations with Georgia’s state government and that it will begin the factory design work in May, with the goal of completion in June 2023.
“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,” says the head of TYM Overseas Business Division. “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.”
TYM, which currently has production facilities in four states in the United States, plans to increase its annual tractor production in North America from 30,000 to 50,000 units through this new 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 notes that it 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, the company reports, with total manufacturing market share of more than 10 percent in the North American tractor market under 100 hp: “With the outstanding performance of TYM-USA and Branson, the TYM Group has enjoyed an annual growth rate of 17 percent since 2017, as exports to North America over the past five years soared from $150 million in 2017 to $330 million in 2021. [TYM] aims to export more than $470 million in 2022, a 41-percent increase from the previous year.”
In the press release announcing the Georgia investment, the company said, “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. We expect to create more than 150 jobs within the state of Georgia through this investment.”
BRANSON TRACTORS
www.bransontractors.com
