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Foreign-invested Firm Keum Jung Ind. Set up Second Factory

According to NEWSIS News,

(GWANGJU=NEWSIS) Gwangju City announced that Keum Jung Industry, 100% foreign-invested firm located in the Pyeongdong Industrial Complex, commenced construction of its second factory.

The new plant is expected to create new jobs and boost sales of the company by more than 5 times when completed in 2017.

The producer of submersible pumps entered into an investment agreement with Gwangju City in 2008 and set up its business in the Pyeongdong Industrial Complex in 2009.

The company has exhibited steady growth and generated sales of KRW 12 billion last year. Its high quality pump products are exported mainly to Russia, China and Southeast Asia.

Keum Jung Industry is a subsidiary of Grundfos, a pump manufacturer headquartered in Denmark. The Danish group plans to merge its three subsidiaries in Korea and expand its business further to fully utilize its combined resources and capabilities built in Korea.

"We project sales from the Gwangju facility will reach KRW 70~80 billion when our second factory goes into a full-fledged operation," Jessen Allan, CEO of Keum Jung Industry said. He added that the company plans to increase the number of employees from current 42 to 110.

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Source Text

Source: NEWSIS News (Sep. 8, 2016)
** This article was translated from the Korean.