NovaCast Technologies´ partly owned (9%) foundry in Korea opened on 12 September

NovaCast Technologies´ partly owned (9%) foundry in Korea opened on 12 September

The special KOTEK Ind. Co. Ltd. foundry in Korea, which is partly owned by
NovaCast Technologies,  was opened on Saturday, 12 September with the
participation of approximately 120 invited guests from customers, suppliers,
public officials and financiers. The foundry, which is equipped with NovaCast´s
technology for process control and simulation, is specially designed for
production of heavy castings to the wind power industry and also, after
certification, for production of  Camito die shoe castings. The total investment
 so far is approximately 80 MSEK and annual capacity is approximately 20.000
tonnes on two shifts.

The foundry is located in Dasan, approximately 2 hours south-east of Seoul. The
total building area is 4.300 m2 and capacity at 80% utilization is approximately
12.000 tonnes per shift.
Production will mainly consist of heavy castings up to 22 tonnes in gray and
ductile iron. Initial production will be castings to the wind power industry and
heavy industrial castings. After a training and certification period the foundry
also plans on producing Camito castings to the automotive industry. In 2008
KOTEK signed an agreement with Camito AB for a limited period of exclusivity for
the Camito technology in Korea. The certification process is expected to begin
during the first half of 2010.

The new foundry, which has cost approximately 80 MSEK, has been financed in part
by major owner KOTEK Ind. Co., Ltd. as well as external shareholders and
lenders. NovaCast Technologies currently owns 9%. Local funds are among the
shareholders and the largest lender is Korea Credit Guarantee Fund, a
state-owned fund for investments in small and medium sized companies. The
decisive factor for the state loan to the foundry was the foundry´s dedication
to environmentally friendly production.   

More pictures can be viewed on www.novacast.se. 

For further information contact Hans Svensson, CEO NovaCast Technologies AB, +46
705 652 250.

NovaCast Technologies, listed on the OMX Nordic Exchange (NCAS B), develops and
markets enhanced castings for the production of car body parts, as well as
software for methoding, simulating and process control for more efficient
production processes to the global automotive industry and its subcontractors.
With the Camito technology enhanced castings are manufactured in one solid piece
for the production of dies for forming   stamping automotive body components in
a considerably shorter time than traditional dies. Through die manufacturer
SwePart the group has expertise within the whole value chain for the production
and sales of stamping dies.
More information is available on www.novacast.se