According to The Korea Economic Daily Global Edition,
Toray Advanced Materials Korea Inc. (TAK) broke ground on its new facility for carbon fiber production in Gumi, North Gyeongsang Province on Monday, the South Korean subsidiary of Japanese chemical giant Toray Group said.
Carbon fiber is used to make various products like high pressure vessels for hydrogen, aircraft parts, racing car bodies and golf club shafts.
The new facility, which is TAK’s third unit for carbon fiber production, will increase the annual manufacturing capacity in Korea by 3,300 tons to 8,000 tons.
TAK produces special materials like films for industrial applications, carbon fibers, water treatment filters and resin chemicals. It began operating the first unit of carbon fiber production in 2013.
Established in 1972, TAK has invested more than $1 billion in manufacturing materials like engineering plastics, wallpapers and car dash pads.
The company expects the demand for carbon fiber to grow, enabling lightweight hydrogen vehicles and aircraft, thus reducing carbon emissions.
Among attendees at the groundbreaking ceremony on Oct. 23 were Deputy Minister for Trade Yang Byeong-nae, North Gyeongsang Province Governor Lee Cheol-woo, Gumi Mayor Kim Jangho, Japan’s Toray Industries Inc. Chairman Nikkaku Akihiro and President and CEO Ohya Mitsuo, TAK Chairman Lee Young-kwan and CEO Jeon Hae-sang.
The government will continue to support foreign investments in Korea’s high-tech industry through regulatory reforms and expanded incentives, said Deputy Minister Yang.
TAK will create values with the world-class technologies and qualities, while closely cooperating with partners and contributing to local economic revitalization, said CEO Jeon.
Jae-Fu Kim at hu@hankyung.com
Jihyun Kim edited this article.
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Source: The Korea Economic Daily Global Edition (Oct. 23, 2023)