DAEGU < invest Korea

According to Yonhap News,

Israel's IMC Group, owned by Warren Buffett, will build a semiconductor materials manufacturing facility in Daegu.

This is the third investment in Daegu by IMC Group, following its first investment in Taegutec in 2008 and IMC Endmill in 2018.

On February 7, the Daegu Metropolitan Government announced that it had signed an investment agreement with the IMC Group at the City Hall.

IMC Endmill, an affiliate of the IMC Group, will build a manufacturing facility for tungsten powder, used in manufacturing special gas for semiconductors, in Gachang-myeon, Dalseong-gun, Daegu. The total investment amounts to KRW 130 billion.

Tungsten powder is managed as a strategic material in countries around the world. Korea also reserves stockpile of tungsten powders as a major resource.

With the attraction of this investment, the city expects to secure the base for manufacturing a key material of semiconductors in the region, contributing to development of the local semiconductor industry.

Berkshire Hathaway, an investment company owned by world-class investor Warren Buffett, has 100% shares of the IMC Group, headquartered in Israel.

IMC Group President Ilan Geri said, "We will make efforts to supply tungsten materials to various industries, help creating new jobs, and revitalizing the local economy."

tjdan@yna.co.kr

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Source: Yonhap News (February 7, 2024)