NovaCast Technologies AB :
NovaCast subsidiary Camito does big business in Korea
NovaCast Technologies AB :
NovaCast Technologies’ AB wholly-owned subsidiary Camito AB has sold a 24-month option for the Korean foundry company KOTEK Ind Co., Ltd. to become a Camito-certified foundry. In accordance with the option Camito will refrain from offering certification possibilities to other foundries in Korea during a period of 2 years. The option provides Camito with a one-time income of 792.500 USD.
KOTEK Ind Co., Ltd. in Incheon, Republic of Korea, is in the process of building a heavy casting foundry in Daegu with a capacity of 15.000 tonnes/year. The foundry will be focused on engine blocks for marine diesels and electric generators, wind power castings, as well as Camito die shoes. Before the foundry can start producing die shoes using the Camito method it must undergo the usual certification process, including training of its personnel. The certification process is expected to begin no earlier than 2009. Part of the training will take place at Camito Technology Center in Hästveda, Sweden.
After certification KOTEK will pay the usual annual license fee for the special Camito Soft software, which is demanded for casting according to the Camito method.
KOTEK Ind. Co., Ltd. is owned by the family of Mr. T.S. Lee, who was a special guest at the grand opening of the Camito Technology Center in April this year. Mr. Lee wished to ensure that Kotek was given the possibility of becoming the first Camito-certified foundry in the Republic of Korea. Korea has a large and successful automotive industry with aggressive model programs, with a great demand for die shoes.
For further information contact:
CEO Hans Svensson, NovaCast Technologies AB, Ph: +46 457386302 or +46 705652250
NovaCast Technologies AB develops and markets enhanced castings for the production of car body parts, as well as software for methoding, simulating and process control, for better and faster production processes to the global automotive industry and its subcontractors, mainly foundries and tool manufacturers.
NovaCast Foundry Solutions AB offers powerful software packages that basically cover the complete needs in a foundry, from planning to process control and quality control.
NovaCast subsidiary Graphyte AB offers advanced process control systems for serial production of castings in compacted graphite iron related to the automotive industry.
NovaCast subsidiary CamitoAB markets Camito enhanced castings manufactured in one solid piece for the production of dies for forming and stamping automotive body components in a considerably shorter time than traditional methods.
Camito Technology Center AB mainly produces heavy castings, primarily to the automotive industry. The foundry is also the development center for Camito technology.
NovaCast Technologies´ (founded 1981) head office is in Olofström, Sweden.
More information is available on www.novacast.se