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LG Chem to Build a New Plant in Seongmun Industrial Complex in Dangjin

LG Chem Ltd. will build a new plant in the Seongmun National Industrial Complex located in Danjin, Chungcheongnam-do.

Dangjin City announced on October 15 that it signed an investment agreement with LG Chem which had signed to build the plant on a plot of 238,368 ㎡, at the Provincial Office Building.

Under the investment agreement, LG Chem will invest KRW 200 billion in the Seongmun Industrial Complex to build a manufacturing plant for industrial insulation materials. The construction is set to start in earnest by the end of this year.

On the same day, Dangjin also signed investment agreements with Hanil Chemical Ind. Co., Ltd. and Daesang Eng Co., Ltd., which previously signed residency agreements for an 82,863 ㎡ site and a 4,950 ㎡ site, respectively.

Hanil plans to kick off the construction as early as in the first half of 2019 and invest a total of KRW 50 billion by 2021. Daesang will build a manufacturing plant for special-purpose machines worth KRW 5.6 billion.

The three companies will invest a total of KRW 255.6 billion in a total area of 326,181 ㎡, and create 335 new jobs.

A city official said, “Owing to the city’s PR activities and its continued efforts to attract more investments, numerous businesses showed their interest in investing in the city apart from the three companies that signed the investment agreements."

"A number of them are close to signing investment agreements with the city." He also added. "As the raised subsidies only apply to 50 percent of the sites in the Seongmun Industrial Complex, businesses interested in investment need to hurry before the investments for the construction of the fifth LNG station begin in earnest.”

Source Text

Source: Newsis (October 15, 2018)

** This article was translated from Korean.


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