Buoyed by steady overseas growth, AJ Networks Co., a South Korean company that rents lifting devices and IT equipment, plans to expand its presence in overseas markets this year and add more choices in its business portfolio.
The rental company said it has recently rented total 280 units of lifting equipment to Saudi Arabia’s state-owned oil company Aramco and mineral company Maaden, as well as China’s state-run oil refinery SINOPEC. Combined with the latest orders, the company has rented total 740 units of lifting equipment to overseas construction sites so far this year.
“Renting to foreign companies accounted for 38 percent of our total overseas sales in the first half of this year, suggesting that renting orders from companies based in foreign countries has been on the rise,” said AJ Networks CEO Ban Chae-un.
AJ Networks, which started to rent lifting devices in Korea in 2006, supplies not only lifting equipment but also various construction devices, IT devices and pallets.
Like a crane, lifting equipment is used to lift and carry materials at construction sites, and demand for lifting devices has grown recently following a boom in the construction of semiconductor factories.
Increasing demand for its lifting devices abroad has also led AJ Networks to seek ways to enter the overseas pallet rental market, according to the company. The Korean rental company that has developed its own system to manage pallet demand in real time has so far supplied 6.9 million pallets to more than 78,000 customers in Korea. Based on the success in the country, the company aims to increase its share in the pallet market to 30 percent by the end of this year, CEO Ban said. The company also plans to earn orders on a turnkey basis that allows a company to complete a certain project by undertaking the entire responsibilities of the project.
By Ahn Gab-seong