JEOLLABUK-DO < invest Korea

According to Pulse by Maeil Business News Korea,

Korea’s Nanos announced on Sunday it will invest 120 billion won ($106.4 million) over the next six years to build production lines focused on electric and special vehicles on a 330,000 square meter site in the Saemangeum Industrial Complex in Gunsan, North Jeolla Province.

The province vowed to provide all administrative support for the company along with Saemangeum Development and Investment Agency and Gunsan City.

Kosdaq-listed Nanos founded in December as a spinoff of Samsung Electro-Mechanics’ VCR head business has developed and manufactured optical filters for the cell phone camera module. Key products include IR filters, camera modules, hall-effect sensors and sensors in the optical image stabilizer system. The company’s majority shareholder Kanglim is a leader in the domestic market of special vehicles including oil pressure trucks.

Nanos shares jumped nearly 7 percent on the news in Monday’s early morning trade. They closed the day up 4.04 percent at 8,760 won.

The investment is another step towards the company’s plan for business diversification following its entry into the biotech industry.

Earlier, the company donated $1.5 million to San Diego-based Salk Institute for research into the cellular underpinnings of Alzheimer`s disease.

The province expects the investment will bring vitality to the local economy which was hit by a shutdown of GM’s factory in Gunsan.

About 1,000 new jobs will be created if the investment plan is fully implemented, said a provincial government official.

By Park Jin-joo and Minu Kim

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (July 23, 2018)