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According to Yonhap News,

(GUMI=Yonhap News) NPK, a joint venture with Japan’s Nippon Pigment, will build an auto parts materials factory in Gumi, North Gyeongsang Province.

NPK signed a memorandum of understanding on the factory construction with the province and the City of Gumi at Gumi City Hall on May 8.

The company will invest KRW 18.3 billion by 2018 to build a facility for manufacturing plastic compounds for auto parts on a 20,000 ㎡ plot of land in Gumi National Industrial Complex 4’s foreign investment zone.

Plastic compounds are mixed additives used in the plastic-molding process.

NPK plans to hire 60 people once the plant is completed.

The company has run a plastic compound manufacturing plant with about 130 employees at Gumi National Industrial Complex 2 since 1987.

“We will continue contributing to the development of the Gumi National Industrial Complex through constant improvements in quality,” said NPK Chairman Choi Sang-gun.