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DAICEL Corporation held a groundbreaking for an automotive component (airbag inflator) factory in early July in the Yeongcheon high-tech component industrial district, designated a free economic zone, according to the Daegu-Gyeongbuk Free Economic Zone (DGFEZ) authority.
About 500 people including North Gyeongsang Governor Kim Gwan-yong, Yeongcheon Mayor Kim Yeong-seok, the head of DGFEZ Choi Byeong-rok and members of DAICEL attended the ceremony.
DAICEL, headquarter both in Japan's Tokyo and Osaka, is a global company that engages in the manufacture and sales of chemical products in all around the world with 526 billion won of equity, 5.1284 trillion won of annual sales revenue and 9,187 employees.
The Japanese company inked a $36 million-investment memorandum of understanding with Gyeongbuk, Yeongcheon City and the DGFEZ.
After completing the construction, DAICEL plans to conduct test production in next May and then start commercial production of 7.2 million airbag inflators, which will be supplied to domestic automobile companies.
"DAICEL has become the first foreign company that invested in Gyeongbuk's
FEZs," said Governor Kim. "The investment attraction from DAICEL is
expected to draw further investment from other Japan-based companies as well."