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Investment News

2019.05.24
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Quarzwerke breaks ground for factory in Dangjin to invest KRW 20 bn


According to Yonhap News,

(DANGJIN=Yonhap News) Quarzwerke Group, a German producer of mineral raw materials, is to build a factory in Dangjin, South Chungcheong Province.

Quarzwerke held a ground-breaking ceremony in Dangjin Songsan 2-1 Foreign Investment Zone (FIZ), commencing construction work.

The company is to invest USD 19 million (KRW 20 billion) on a 37,760 square-meter site until the first half of next year in building a factory producing industrial mineral materials for electric and electronic materials, plastic,and varnish. The factory is expected to be operational in the later half of next year.

South Chungcheon Province, Dangjin city, and Quarzwerke signed a memorandum of understanding to build the plant in May last year.

Founded in 1883, the German company processes quartz, kaolin and other mineral raw materials in 44 plants across Europe and sells them to 50 countries.

The city government expected the investment is to generate 300 billion won in exports, save 100 billion won in import substitution, cause 1.06 trillion won in production inducement effect, and produce 750 billion won in added-values.

And it also expected the factory will create 70 new jobs when it is up and running.

A city mayor said, "If a global company in industrial materials processing has a presence in Dangjin, it will be helpful in stabilizing local supply and vitalizing exports," adding that "we will not spare any efforts in administrative and financial supports."

There are three FIZs (417,269 square-meters) in Dangjin, including Songsan 2-1 FIZ.


sw21@yna.co.kr


Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.


Source Text


Source: Yonhap News (May 23, 2019)

** This article was translated from Korean.

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