News & Event
- Home
- News
- News & Event
North Jeolla Province announced that it signed a memorandum of understanding (MOU) for investment in the province Wednesday. Representatives from the Ministry of Trade, Industry and Energy, Gunsan city, Mitsubishi Chemical Corporation and Samyang participated in the signing ceremony.
According to the MOU, Mitsubishi Chemical Corporation and Samyang will establish Samyang Fine Technology and will each hold 50 percent of shares.
Samyang Fine Technology will invest KRW 150 billion in a 52,676 m2 site in the Gunsan Free Trade Zone to build a plant that can produce 30,000 tons of ion-exchange resin a year.
Ion-exchange resin effectively removes impurities in manufacturing of products in the chemical, biotechnology and semiconductor industries.
When the plant is completed in the first half of 2015, it will become the largest ion-exchange resin plant in Asia. The plant is expected to generate synergy effects, including creating 100 new jobs, substituting imports of USD 50 billion and improving trade balance by USD 70 million a year.
Governor of North Jeolla Kim Wan-joo noted that the investment will serve as a good opportunity for Japanese companies to invest in the province, adding that the province will help to make the investment as a success case.
Yoon Kim, Chairman and CEO of Samyang Holding said that he will endeavor to contribute to regional economy through mutual cooperation.
Established in 1950, the Mitsubishi Chemical Corporation has 27,000 employees and annual sales of KRW 23 trillion. Its major products are lithium-ion batteries, ion-exchange resin, basic chemical materials and polycarbonates.
Samyang Group was founded in 1924, and has 500 employees and annual sales of KRW 5.5 trillion. Its focus is on food, chemical, medicine and biotechnology industries.
Five companies, including Huvis, Samyang Kasei, Samyang Innochem Corporation and Samyang Holdings, are located in North Jeolla Province.
Source: Newsis (July 24, 2013)
** This article was translated from the Korean.