Kia Celebrates Grand Opening of $1 Billion State-of-the-Art Automobile Manufacturing Plant in Georgia

/PRNewswire/ -- Officials with Kia Motors Manufacturing Georgia (KMMG), Inc. were joined by dignitaries from the Hyundai-Kia Automotive Group, the State of Georgia, and local city and county officials to celebrate the official grand opening of Kia's first-ever U.S. automobile manufacturing plant in West Point, Georgia, capable of producing 300,000 cars annually for the North American and global markets.

The ceremony was attended by approximately 500 VIPs from Korea and the U.S., including Chairman of the Hyundai-Kia Automotive Group Mong-Koo Chung; Group President and CEO of KMMG and Kia Motors America (KMA) Byung-Mo Ahn; Georgia Governor Sonny Perdue; and a number of other high-ranking Korean government and State of Georgia officials.

"Kia is proud to call West Point, Georgia home and we look forward to many years of growing together," said Ahn. "Continued diligent work has helped elevate Kia to one of the fastest growing automobile brands around the globe. With the successful launch of the 2011 Kia Sorento CUV and establishment of our first manufacturing plant in the United States, the Kia brand is well positioned for further growth and to become a worldwide leader in quality and innovation."

Representing a $1 billion investment by Kia Motors Corporation, the sprawling, new 2.2 million-square-foot automobile manufacturing plant is situated on more than 2,200 acres of land between Exit 2 and Exit 6 along Interstate 85 in West Point. KMMG consists of four main shops: stamping, welding, paint and assembly. The site also includes a transmission shop, module shop and a two-mile test track where every vehicle produced by KMMG will be thoroughly tested. KMMG's general assembly area is outfitted with more than a half mile of height-adjustable conveyors to achieve the most favorable installation position for each team member and reduce physical fatigue. It is outfitted with wood flooring, which provides a more comfortable and forgiving work environment for team members.

Governor Perdue noted today's event meant the continuation of a mutually beneficial partnership between the State of Georgia and Kia that will mean many great things for the State in years to come.

"This is a momentous day for Georgia as Kia Motors has brought thousands of new jobs to this area, and is truly delivering as a tremendous corporate citizen," said Governor Perdue. "We value our relationship with Kia and pledge to continue providing specialized training through the Kia Georgia Training Center that will guarantee a quality workforce and the future success of this plant in Georgia."

The massive Kia automobile manufacturing plant and its supplier companies have already provided thousands of jobs. KMMG currently employs more than 1,200 team members and is expected to nearly double that number by the end of the year, while onsite and nearby suppliers will create up to 7,500 additional jobs in the region.

Randy Jackson, director of human resources and administration, said he was glad that KMMG could help give back to the local community through job creation, community development and tourism.

"The Grand Opening marks a new milestone for Kia," Jackson said. "Beginning this spring, we are pleased to open our doors to the community and have them see firsthand the quality and craftsmanship that is built into every Kia vehicle. We hope every Kia owner, and anyone thinking about purchasing a Kia, will visit us."

Mass production of the all-new 2011 Kia Sorento CUV began on Nov. 16, 2009 with the product officially going on sale in the U.S. in January of this year. Selling 7,398 units in its first month, the 2011 Sorento was Kia's best-selling vehicle in January.

"The outstanding early performance of the first vehicle produced from our West Point, Georgia plant is a significant achievement for KMMG, KMA and the Kia brand as a whole," said Ahn. "As we grow we will continue to expand our line of vehicles here and abroad while staying true to the Kia brand tenets of value, quality, safety and technology; and KMMG will play a prominent role in achieving our goals."

Kia Motors Manufacturing Georgia, Inc. (KMMG) is the first manufacturing site in North America for Kia Motors Corporation based in Seoul, Korea. KMMG is located on 2,200 acres in West Point, Georgia, and began mass production of the 2011 Kia Sorento on November 16, 2009. At full capacity, the plant will have the ability to build 300,000 vehicles annually from U.S. and globally sourced parts.

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Kia Motors' First U.S. Manufacturing Plant Starts Production in West Point, GA

/PRNewswire/ -- The first U.S.-built Kia vehicle(1), a white 2011 MY Sorento CUV, rolled off the production line today at Kia Motors Manufacturing Georgia (KMMG), officially opening the first U.S. Kia Motors(2) plant. KMMG is expected to produce 300,000 vehicles at full capacity and employ 2,500 people, with on-site and nearby suppliers creating 7,500 additional jobs in the region.

"The start of production for our first manufacturing facility in the United States further demonstrates our commitment to growth in North America and we are proud to be adding 2,500 jobs to the local economy," said B.M. Ahn, group president and CEO, Kia Motors America (KMA) and KMMG.

Representing an investment by Kia Motors of $1 billion, KMMG will establish new benchmarks for vehicle quality and productivity by utilizing some of the world's most advanced manufacturing techniques. KMMG's general assembly area is outfitted with more than a half mile of height-adjustable conveyors to achieve the most favorable installation position for each team member and reduce physical fatigue. Also in general assembly, KMMG is the only plant in North America outfitted with wood flooring, which provides a more comfortable and forgiving work environment for team members.

Built on 2,200 acres, the complex includes a body stamping facility, a transmission shop where the all-new 2011 Sorento's six-speed automatic transmission is produced, and a two mile test track in addition to the main assembly plant. The plant's 186-foot-long stamping press delivers 5,400 tons of pressure to stamp steel into 17 different types of vehicle panels for the all-new Sorento, operating at a speed of seven to 15 strokes per minute. The massive stamping equipment spans from almost 20 feet below the floor to 39.4 feet high.

KMMG continues Kia Motors' aggressive investment in the U.S. market. Since 2002, more than $1.3 billion has been invested in various facilities throughout the country, including a dedicated corporate campus and design center in Irvine, Calif., a state-of-the-art research and development center in Ann Arbor, Mich. and custom-built vehicle proving grounds in Mojave, Calif.

Since coming to market in the United States, Kia Motors, through its US-based marketing and distribution arm, KMA, has expanded to a full product line of vehicles and enjoyed 14 years of consecutive market share increases, including a 50 percent increase through October 2009. Most recently, KMA posted its best sales quarter in company history and is one of only three automakers whose sales are up over their 2008 sales pace.

About Kia Motors Manufacturing Georgia

Kia Motors Manufacturing Georgia, Inc. (KMMG) is the first manufacturing site in North America for Kia Motors Corporation based in Seoul, Korea. KMMG is located on 2,200 acres in West Point, Georgia. At full capacity, the plant will have the ability to produce 300,000 vehicles annually and employ approximately 2,500 team members.

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Charter Financial Announces Acquisition of Neighborhood Community Bank

/PRNewswire/ -- Charter Financial Corporation (OTC Bulletin Board: CHFN) announced today that its wholly-owned subsidiary, CharterBank, has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase the assets and assume the deposit liabilities of Neighborhood Community Bank. The Georgia Department of Banking and Finance declared Neighborhood Community Bank closed today and appointed the FDIC as receiver. The FDIC then assigned the assets and deposit liabilities of Neighborhood Community Bank to CharterBank under a loss sharing agreement.

"We are delighted to welcome the customers of Neighborhood Community to the CharterBank family of valued customers," says Robert L. Johnson, Chief Executive Officer of Charter Financial Corporation. "It is our objective to make this transition as transparent and easy as possible for both Neighborhood Community customers and employees. Because CharterBank elected to assume both insured and non-insured deposits, no customers of Neighborhood Community Bank will lose any of their deposits.

"Under the loss sharing agreement," Johnson continued, "the FDIC will reimburse CharterBank for a percentage of the losses on Neighborhood Community Bank's loans and foreclosed properties. Also, as part of the loss sharing agreement, the acquired assets receive a favorable treatment for regulatory capital purposes so the impact on our regulatory capital ratios will be modest."

As of March 31, 2009, Neighborhood Community Bank reported total assets of $213 million, loans of $154 million, deposits of $190 million and borrowings of $13 million. Under the terms of the agreement, CharterBank has the option to purchase, or to assume the leases on, all four Neighborhood Community Bank locations, all of which extend CharterBank's market in the Interstate 85 corridor.

"This acquisition is very good for the customers of Neighborhood Community Bank and CharterBank," said Johnson. "Neighborhood Community customers will now have enhanced services. For CharterBank, Neighborhood Community Bank fits perfectly into our Interstate 85 corridor by extending the market through Newnan."

The agreement covers only the assets and liabilities of Neighborhood Community Bank. Assets, liabilities and common stock of Neighborhood Community Bank's former parent company, Newnan Coweta Bancshares, Inc., have not been purchased or assumed by CharterBank or Charter Financial Corporation.

Charter Financial Corporation is a savings and loan holding company and the parent of CharterBank, a full-service community bank and a federal savings institution. CharterBank is headquartered in West Point, Georgia, and now operates fourteen branches on the I-85 corridor from Newnan, Georgia, to Auburn, Alabama. The Company also operates three loan production offices in Georgia. CharterBank's deposits are insured by the Federal Deposit Insurance Corporation. Additional information, including financial highlights, is available on the company's website, www.charterbank.net. Persons interested in receiving e-mail notifications of news about the company may do so by completing the registration form on the investor relations page of the company's website.

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Governor Perdue Announces Opening of I-85 Interchange and Roads in Troup to Serve New Kia Motors Facility

Governor Sonny Perdue announced the Georgia Department of Transportation’s new Interstate 85 interchange at Exit 6 in Troup County has been completed ahead of schedule and opened to traffic December 10. The interchange and related new roads in the area provide direct access to the Kia Motors Manufacturing of Georgia production facility currently under construction.

“This is another milestone in the partnership between Georgia and Kia Motors,” Governor Perdue said. “The assembly facility and nearby suppliers will create thousands of jobs for Georgians and billions of dollars of new investment. The construction jobs both at the plant and building the interchange have already contributed heavily to the area’s economy, and Georgia DOT has done a great job completing this project ahead of schedule.”

Georgia DOT Commissioner Gena Evans noted that the project is an enormous achievement for the Department considering a tight, 18-month construction timetable that needed to be met. Work was finished more than 30 days ahead of that schedule. It is the largest design-build construction project initiated to-date by Georgia DOT. Design-build focuses on combining design and construction activities in order to expedite the traditional design-bid-build process.

“This effort proves that design-build can be successful when applied to the right projects,” Evans said. “Georgia DOT is proud to have played a role in helping to bring new jobs and improved mobility to the area. It is a great day for West Point, Troup County and the entire State of Georgia.”

Opening the interchange and associated Kia Boulevard and Kia Parkway early will make it much easier for new and potential employees to access the training center and the production facility, said Randy Jackson, director of human resources at Kia. “On behalf of Kia Motors Manufacturing Georgia, I would like to extend our sincere gratitude and appreciation for the hard work it took to arrive at this point, on time and accident free,” Jackson said.

With more than 6,000 new jobs expected to be generated through the Kia plant and related automotive suppliers the economic impact of the overall project will be enormous, according to West Point Mayor Drew Ferguson, IV. “We are greatly appreciative of the vision of the Governor and the role the Georgia Department of Transportation has played in getting the project underway and finished so quickly,” Ferguson said. “The quality of work has been outstanding.”

In addition to the interchange, the $80.7 million project includes approximately five miles of new frontage and access roads, two new bridges, improvements to connecting roadways and new traffic signals at various locations. The project was singled out by the U.S. Department of Transportation to receive $1 million in grant funding through the Highways for LIFE program which focuses on improving highway construction projects through the application of innovative approaches to design and construction. This program also made it possible for the entire project to be fully funded by the federal government, saving the State approximately $16 million in traditionally required matching funds.

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Top-tier Kia Supplier to Locate New Facility in West Point

Governor Sonny Perdue announced today that top-tier Kia supplier Glovis plans to locate a new facility in West Point, creating 600 jobs.

“With this latest announcement, total job creation by the Kia plant and supplier facilities in Georgia will near 6,000,” said Governor Perdue. “We welcome Glovis to the Georgia business community and look forward to the important role it will play in Kia’s success.”

Glovis Georgia LLC and Glovis America Inc., part of Seoul, Korea-based Glovis, will be a key logistics provider for Kia Motors Manufacturing Georgia (KMMG). The 558,131-square-foot plant will be located on 95 acres at the Kia site in West Point. Production is expected to begin in Dec. 2009.

Glovis will supply auto parts and provide inventory management to the KMMG vehicle assembly line. The company has been a top logistics provider for Kia and Hyundai since 2001.

“Our new facility in West Point will allow us to provide just-in-time inventory management for KMMG and deliver the high quality logistics services that Glovis is known for around the world,” said Seunyong Sung, CEO with Glovis Georgia. “We look forward to success in our new home in Georgia.”

“We are thrilled to have Glovis in the city of West Point,” said West Point Mayor Drew Ferguson. “They are a great addition to the network of suppliers located on the Kia site, and I know our city is looking forward to providing a great work environment for them.”

Mark Lytle, project manager with the Georgia Department of Economic Development, assisted Glovis in its location.

Glovis, based in Seoul, Korea, is an integrated logistics company that aims to maximize customer value and loyalty through customer-focused business. Glovis currently has 16 offices worldwide acting as a global base for logistics. The company is committed to building a Global Supply Chain Management system throughout its offices around the globe.