Paengiyeon inks W1tr deal to supply firetrucks to Thailand

South Korean export-to-electronic parts company Paengiyeon said Tuesday it has secured a 1 trillion won ($767 billion) deal with the Thai government to supply 2,247 firetrucks to 76 states across the Southeast Asian country.

The company said it signed a memorandum of understanding with a local agency representing the Thai government called Consult US on Dec. 19.

The firetrucks, equipped with a 35-meter extendable ladder, will be manufactured in Korea, the company added.

“Through the latest supply deal, Paengiyeon will expand its business to Southeast Asia, including Thailand, Malaysia and Laos -- and it will eventually foray into the Asia-Pacific region,” the company’s CEO Lee Jong-gi said in a statement.

Lee, the former chairman of KNT Group and CEO of Uni Korea World, has longtime experience in doing business with Southeast Asian clients. He has also closely worked with conglomerates in the region to build Koreatowns.