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Dental Device Manufacturer Invests KRW 88.4 Bn in Daegu

According to Yonhap News,

(DAEGU=Yonhap News) Straumann, a global leader in implant, will invest KRW 88.4 billion to establish a manufacturing plant in Daegu.

Daegu signed a memorandum of understanding (MOU) with Megagen Implant, a Korean implant manufacturer, and Straumann on August 5 to establish a manufacturing plant in Daegu.

Participants of the MOU signing ceremony include CEO Park Gwang-beom of Megagen Implant, CEO Marco Gadola of Straumann and Daegu Mayor Kwon Young-jin.

Megagen Implant will build a high-tech manufacturing plant in the 5th Seongseo Industrial Complex by late 2016 with the total investment of KRW 72 billion combining Straumann’s KRW 72 billion and the City’s KRW 16.4 billion.

Megagen Implant will move its headquarter and part of its production facility to Daegu from Seoul and Gyeongsan and hire up to 380 employees by 2018.

Megagen Implant has the technology to produce implants and owns 248 patents at home and abroad. The company has reached a strategic partnership with Straumann in March this year.

"We hope the agreement will help Daegu to become a global medical industrial city. We will provide tailored administrative support for the establishment of the plant and will cooperate with relevant companies for research and development (R&D) and the sales of the products,” said Mayor Kwon.

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (August. 04, 2014)

** This article was translated from the Korean.