4 days Ago By [email protected](KoreaTimes)
Ukrainian parliament member Dmytro Pryputen rides on TYM's T76 tractor at the Korean farming machine maker's headquarters in Seoul, Nov. 8. Courtesy of TYM TYM to open European subsidiary in February By Park Jae-hyuk The European market has emerged as a land of opportunity for Korea’s three largest farming machine manufacturers.
Daedong, LS Mtron and TYM, which collectively dominate the Korean agricultural equipment market, have been ramping up their expansion efforts in Europe. This shift comes as they face a significant decline in exports to North America, driven by the waning interest in hobby farming following the end of the COVID-19 pandemic. With the goal of increasing its market share to 10 percent in every major European country, TYM said Monday that it set up its European subsidiary in the Netherlands, which will start operations in February next year.
The company seeks to utilize TYM Europe as a bridgehead for its expansion into Europe, the Middle East and Africa, eventually supporting the post-war reconstruction of Ukraine, which sent its lawmakers recently to the Korean firm’s headquarters in Seoul. “To reduce risks in the North American market and to diversify our global sales portfolio, we will provide economic and efficient agricultural solutions through our European subsidiary,” TYM said after suffering an operating loss of 160 million won ($115,000) during the third quarter. European dealers examine Daedong's farming machines at the company's factory in Daegu, Oct.
22. Courtesy of Daedong Daedong, which posted an operating loss of 9.5 billion won in the third quarter, is aiming to boost its revenue from the European market to 100 billion won by 2025 and to 500 billion won by 2028.
The company has run its European subsidiary in the Netherlands since 2010. Last month, Daedong invited European dealers to Korea to foster their commitment to the company’s Kioti-branded farming machines. The invitation came after a gathering of European dealers in the Netherlands last November.
“We will maintain our relations with European dealers to make the continent an outpost for our conventional and future-oriented businesses,” Daedong Kioti Europe President Stuart Kang said. Read More Daedong, LS Mtron, TYM hit by decreasing no. of North American hobby farmers LS Mtron has sought to reduce its reliance on the North American market and increase its sales in Europe, since it entered the Portuguese market in 2003.
With the Korean government-backed roadshow in Portugal in June, the company has promoted its new products this year to normalize its exports to Europe..
