BUSAN < invest Korea

According to Yonhap News,

(BUSAN=Yonhap News) The world's largest producer of powdered metals, Höganäs, will build more plants in Busan.

Oh Geo-don, Mayor of Busan, Jin Yang-hyeon, Head of Busan-Jinhae Free Economic Zone Authority and the head of Asia Pacific Office of Höganäs had a signing ceremony of the MOU on the establishment of Busan plant on November 26 at the City Hall.

Höganäs has decided to build more plants after four years since it built its first plant in Mieum Complex in Busan in 2014.

This makes the Busan plant the manufacturing headquarters for the Asia Pacific region with 50 employees and 32,705 square meters of plant site.

The investment also quadrupled from USD 13 million to USD 47 million.

Höganäs is the largest powdered metal producer in the world with annual sales of over USD 1 trillion.

Their powdered metals are usually used for manufacturing automobiles and shipbuilding materials since they are light but strong.

With the expanded facilities, Höganäs will have the whole manufacturing process, not only the powder mixing process, but also from producing metal alloy powders to processing and mixing.

In particular, facility that is responsible for material technologies for nano metal powder and advanced metal powder is expected to be built in the site, and it will help strengthen competitiveness of automobile and shipbuilding material industries in the southeastern part of the country including Busan.

Once the construction of Busan plant is complete in the end of next year, Busan will have the third global manufacturing office following Belgium (Europe) and the U.S. (Americas).

joseph@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (November 26, 2018)