March 23, 1998

Lila White
(804) 692-3110

Jill Lawrence
(804) 371-0049
Bering Truck Corporation Signs Exclusive Agreement with Hyundai Motor Company
-- Governor Gilmore Announces Commercial Vehicle Assembly Plant in Virginia - -

Richmond - Governor Jim Gilmore today announced that Bering Truck Corporation, based in Front Royal, has signed an exclusive agreement with Hyundai Motor Company to import, distribute and manufacture a new line of Bering brand commercial trucks for the North American market. Bering Truck, a U.S. corporation established in 1997, is strategically located near the Virginia Inland Port on a 50-acre industrial site in Front Royal, where it has already started construction of its assembly and national parts distribution facilities.

The company's 1997 announcement plans to create more than $45 million in capital investment and 300 jobs. The Hyundai agreement will allow Bering Truck to create more jobs and investment in Virginia over the next three years.

"Bering Truck's decision to locate this major commercial truck assembly facility in Front Royal proves that Warren County is an ideal business location," Governor Gilmore said. "Virginia's excellent rail access and superior Inland Port has already started Bering's engine for future business growth. This historic agreement with Hyundai represents Virginia's third major truck assembly plant. "

Bering Truck Corporation will combine state-of-the-art U.S.-made powertrain components with Hyundai chassis and cab-over technology which features superior driver comforts, ergonomics and vehicle dynamics. The American-made components will include engines, clutches, axles and transmissions.

The vehicles will be built initially by Hyundai in its Chunju Plant to Bering's specifications and imported into the United States. In 1999, Bering Truck will manufacture Class 7 and 8 vehicles in its Front Royal facility while continuing to import other classes.

"We selected the Front Royal site last year because of the proximity of the Inland Port for import and export cargo capacity and the incentives associated with the Cedarville Enterprise Zone," said William R. Anderson, Jr., president of Bering Truck Corporation. "We are excited to work with Hyundai Motor Company, a manufacturer truly on the technological cutting edge in the commercial vehicle industry. This agreement will allow our company to grow and prosper in the Commonwealth of Virginia."

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