Luster Industries Bhd unit Luster Precision Engineering Sdn Bhd has entered into a 70:30 joint venture agreement with Korean-based Seweon Elec Mach Ind Co Ltd (SEMICL) for the purposes of producing mechanical timer, select switch and synchronous motor for household electrical appliances.
Luster Precision produces high precision plastic parts and components, while SEMICL makes various types of electrical parts and components.
In a statement on March 12, Luster said the JV intended to meet increasing demand from washing machine and microwave oven makers in Southeast Asia and Korea for mechanical timers, select switch and synchronous motor, as well to take advantage of Afta.