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Binggrae to build up a new production plant in Cheonan city, adding over 1,000 new jobs

According to Yonhap News,

Binggrae Co., Ltd., one of the largest dairy products makers in Korea releasing best-selling hits like Banana milk, melon flavored ice cream for years, unveiled its investment plan to set up a new manufacturing plant in the city of Cheonan, South Chungcheong Province. The ice cream producer and the city government signed an MOU on Dec 15 sharing detailed contractual provisions for the investment, which include the establishment of a new production plant on a 176,442㎡ site near Dongbu Bio Industry Cluster with KRW 120 billion investments by 2024.

It’s reported that a subsequent investment until 2030 would be made but the scale remains unknown. Binggrae said they’ll add 1,170 new jobs once their production line is established. The investment they made this time is estimated to bring production inducing effects and value added creation effects, valued at around KRW 165.8 billion and KRW 31.1 billion each.

The governor said “We’d like to extend the deepest appreciation to the new investor who delivered such good news to the communities battered by coronavirus-led economic recession.”

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Source: Yonhap News (Dec 15, 2020)

** This article was translated from Korean.