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Investment News

2019.07.19
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Korea-Finland JV chemicals company to invest KRW 50 bn in Ulsan


According to Yonhap News,

(ULSAN=Yonhap News) On July 10, Ulsan City announced that Yongsan Kemira Chemicals, a joint venture between Yongsan Chemicals and Kemira of Finland, has decided to make a new investment worth KRW 50 billion in Bugok-dong in Nam-gu, Ulsan.

Yongsan Kemira Chemicals will build a factory for DPAM production by December 2020 within the Yongsan Chemicals Ulsan factory in Namgu.

The new factory will begin commercial production in earnest in January 2021 after test-operation.

Kemira, a JV partner, is a global chemical company with strength in technology related with water treatment agents.

In April this year, Ulsan's investment delegation visited Kemira, located in Helsinki, Finland and suggested incentives for foreign investment and administrative support regarding permit and licensing, earning trust from the company's management.

Once the factory is up and running, it will be able to produce up to 30,000 tons of DPAM per year, allowing the Yongsan Chemicals production line to operate normally, which has in the past often been troubled by a low operation rate or a supply stoppage of clients.

DPAM is used across the industry in such areas as waste water treatment, paper mill, additives for crude oil drilling, among others.

A city official said, "This JV investment is expected to contribute to revitalizing regional economy, setting an exemplary case of win-win growth between regional companies and foreign-invested companies."



canto@yna.co.kr


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


Source Text


** This article was translated from Korean.

Source: Yonhap News (July 11, 2019)

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