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IT Chem to invest KRW 100 bln in a new production facility near Goesan biz cluster

According to Yonhap News,

North Chungcheong Province and Goesan-gun struck an investment deal worth KRW 100 billion with IT Chem Co., Ltd, which plans to build a new production plant in Goesan-gun industry cluster. The investor, a chemical products manufacturer, will set up a factory on a 33,000 ㎡ business site inside the cluster by the end of 2021.

IT Chem, once selected as part of 100 hidden champions in materials, parts and equipment industry by the Ministry of SMEs and Startups, unveiled what’s behind the investment decision saying they’d like to further scale up its production capacity in order to catch up with soaring demand for products and services they provide.

They also added a local hiring plan, employing 61 residents staying nearby, while buying locally-produced goods and services to supply resources needed for the construction project. The provincial authorities and Goesan-gun both reached a consensus to provide administrative support to speed up the entire process to build the new facility.

Source Text

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Source: Yonhap News (Aug 11, 2020)

** This article was translated from Korean.