South Korea throws struggling car parts suppliers a $3bn lifeline

The South Korean government will provide more than Won3.5tn ($3.1bn) in financial support for the country’s embattled auto parts makers as Seoul grapples with an economic slowdown undermining its major export industries.  The measures unveiled on Tuesday were aimed at easing a liquidity crisis squeezing car parts makers amid a broader downturn in the South Korean carmaking industry.  The auto components industry, which is a pillar of South Korea’s exports-driven economy, has been struggling to stay afloat, with earnings slumping this year at Hyundai Motor and affiliate Kia Motors, which together control 70 per cent of the domestic market.  As part of the support package the government will provide Won1tn of new loans to auto parts makers, using contributions from the central and provincial governments and automakers. It also will launch a credit guarantee programme worth Won1tn for auto suppliers and extend the maturity of loans worth about Won1.2tn by one year made to local suppliers of General Motors.  The moves follow Seoul’s promise in October to boost the economy as exports slow and domestic consumption weakens, and were welcomed by the auto parts industry. “It is a very ti...

Double-wall drawer system – Nova Pro Scala by GRASS

Nova Pro Scala is a double-wall drawer system, available in lengths ranging from 275 mm to 650 mm and drawer heights from 63 mm to 250 mm. This drawer system can be complemented with a push-to-open solution and is available in three colours: ‘Ice,’ ‘Silver’ and ‘Stone.’ Nova Pro slides are synonymous with stability, smooth-running and minimal opening forces. Due to straight inside surfaces and minimum construction width, Nova Pro Scala provides maximum storage space. Welded, torsion-free drawer sides and high-quality front connections provide a solid hold for regular and pot drawers, including fronts up to 780 mm. This low-complexity drawer system ultimately converts to greater efficiency for manufacturers and has a simple installation. The winner of 2015 Interzum award and German Design Award in 2016, Nova Pro Scala has the same width for bottom and back panels. It also offers the provision for removal of the drawer and front, which saves time during the manufacturing process. Nova Pro Scala is a double-wall drawer system, available in lengths ranging from 275 mm to 650 mm and drawer heights from 63 mm to 250 mm. This drawer system can be complemented with a push-to-open soluti...