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Korean Railcar Firm Inks 110,000-SF Naval Yard Lease

PHILADELPHIA-Seoul-based Rotem Co. will establish production facilities for

By Marita Thomas | Updated on March 19, 2003

PHILADELPHIA-Philadelphia Industrial Development Corp. has signed a multi-year lease agreement with Seoul-based Rotem Co. for all 101,000 sf of Building No. 603 at the Philadelphia Naval Business Center. Rotem is the primary railcar builder for United Transit Systems. UTS is a consortium of Rotem and Nissho Iwai American Corp., the US arm of a Japanese trading company. NIAC is headquartered in New York.

Rotem has annual sales of approximately $1 billion and has delivered more than 33,000 railcars in Korea, Hong Kong, India, the Phillipines, Taiwan, Turkey and Alaska. It will use the Naval Yard building for final assembly, fit-out and testing of railcars and for the production of transit railcar interior materials. It is expected to employ 400 at the facility.

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