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Authority approves bond to expand Kia supplier

HOGANSVILLE — The Meriwether County Industrial Authority recently approved issuing a $13 million revenue bond to expand a Kia supplier’s facility in the Meriwether Industrial Park.

Dongwon AutoPart Technology, a maker of Kia door frames, employs about 300 people, and the most recent bond brings its total investment to the area to $43 million. The latest bond will be used to pay or reimburse the costs of acquiring and installing additional equipment. While the industrial authority is issuing the bond, it will be Dongwon that repays it.

“The Meriwether County Industrial Development Authority is very excited to assist with the additional investment of one of our major companies in Meriwether County,” said Robert Moreland, chairman of the Meriwether County Industrial Development Authority. “Dongwon AutoPart Technology is one of our great assets in providing jobs and employment in our county. We look forward to the future growth of this facility.”

Dongwon AutoPart Technology was the first company to locate in Meriwether Park in 2008. At that time, the Authority issued industrial revenue bonds in the amount of $30 million.

Dongwon also operates a plant in Luverne, Alabama, that supplies parts to Hyundai Manufacturing in Montgomery, Alabama.

Charlie Kim, president of Dongwon AutoPart Technology and Han Ki “Billy” Kim, accounting and finance manager, were directly involved in the latest expansion of the investment.

Dongwon AutoPart Technology is located at 475 Meriwether Park Drive, which is in Meriwether County, but has a Hogansville address.

Dongwon AutoPart Technology is seen in an undated handout photo provided by the Meriwether County Industrial Authority. A $13 million bond was recently approved by the authority which will fund the costs of acquiring and installing additional equipment.
http://lagrangenews.com/wp-content/uploads/2016/08/web1_Dongwon.jpgDongwon AutoPart Technology is seen in an undated handout photo provided by the Meriwether County Industrial Authority. A $13 million bond was recently approved by the authority which will fund the costs of acquiring and installing additional equipment. Contributed

Staff report

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