South Korea's Hyundai Mobis signs deal with Czech government to build $200 million new plant

MarketsAssociated Press

South Korea's Hyundai Mobis has signed a deal with the Czech government to build a car lights plant in the eastern part of the Czech Republic.

Prime Minister Bohuslav Sobotka said Tuesday that Hyundai Mobis will invest up to 4 billion koruna ($195 million) in the factory to be built near the city of Ostrava. The project is expected to create some 900 jobs.

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The factory is meant to provide supplies to the nearby Czech plant of South Korea's Hyundai Motor Co. as well as a Kia Motor Co. car plant in neighboring Slovakia.

The new factory is set to open in three years.