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Hyosung Advanced Materials to invest KRW 46.8 bln to expand its factory in Jeonju

According to Yonhap News,

(JEONJU=Yonhap News) Hyosung Advanced Materials, listed on KOSPI, is to invest KRW 46.8 billion in expanding production lines at its factory in Jeonju, Jeonbuk-do, and signed an investment agreement on March 8.

Hyosung Advanced Materials is going to add production line on the area of 180,048 square meters near its current factory producing carbon fiber within Jeonju Eco-friendly High-tech Industrial Complex until February next year.

Hyosung has produced carbon fibers since establishing its factory in Jeonju in 2013.

When the investment for expansion completed, the production capacity -- currently about 2,000 tons per year -- will double.

In addition, 40 new jobs will be generated

The company explained that "This expansion is to prepare for an increase in demand for hydrogen fuel tank, in accordance with the policy towards increasing hydrogen fueled cars".

Carbon fiber is a high-tech new material, 4 times lighter but 10 times stronger than steel.

Its application has expanded to aerospace materials, automobile structural materials, and sports & leisure products .

Jeonbuk governor said, "We will provide every administrative and financial support to help expansion investment completed," adding that "we hope the company grows into a global leader in high-tech materials technology".

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Source Text

** This article was translated from Korean.

Source: Yonhap News (March 8, 2019)


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