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German Company to Invest KRW 20B in Dangjin

According to Yonhap News,

(HONGSEONG=Yonhap News) On May 30 (KST), Chungnam-do signed a MOU at Frechen, Germany, with mineral processing company Quarzwerke and Dangjin City.

Quarzwerke plans to build an industrial minerals manufacturing plant on a 37,760㎡ plot in Dangjin's Songsan 2-1 foreign investment zone. The company will invest KRW 20 billion (USD 16 million in FDI) by 2022.

Quarzwerke was founded in 1884, and has 44 factories across Europe that process and refine raw mineral materials such as quartz and kaolin for distribution in over 50 countries.

The province projects the investment will lead to KRW 400 billion in sales, KRW 300 billion in exports and KRW 100 billion in import replacements.

Quarzwerke CEO Robert Lindemann-Berk stated, "We will sign a tenancy agreement next month and plan on finishing the factory by 2020. We will strive to fulfill our corporate social responsibilities and create jobs for regional development."

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Source Text

** This article was translated from Korean.

Source: Yonhap News (May 31, 2018)


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