Date
2014.07.15
According to Yonhap News,
(GUNSAN=Yonhap News) Toray, a global advanced materials company based in Japan, will invest
about KRW 300 billion in Saemangeum Industrial Complex.
Toray Advanced Materials Korea Inc held a groundbreaking ceremony for a PPS resin plant in the Saemangeum Industrial Complex in Gunsan, North Jeolla Province, on July 8.
PPS resin, also known as the “super engineering plastic,” is used in electric and hybrid cars to reduce weight and in the peripheral parts of chemical plants, semiconductors, precision machinery and automotive engines and motors due to its lightness and strong heat resistance.
Toray will spend KRW 305.4 billion by 2018 to establish a PPS production plant that handles the resins and compounds of PPS and main materials in the Saemangeum Industrial Complex (215,000 ㎡).
The company aims to complete the first stage of construction by June of 2015, achieve an annual production volume of 8,600 tons of PPS resins and increase production through facility expansions.
Most of the PPS resins will be exported to China while the rest will be supplied domestically.
The plant is expected to ensure that the region boasts the best technology in the sector and have an import-substitution effect of KRW 1.3 trillion per annum.
The plant will also create value added and 1,700 new jobs, including 150 jobs at the plant, and increase local taxes, according to North Jeolla Province.
The development of the Saemeangeum Industrial Complex will kick off with the construction of a cogeneration power plant by the company OCI and Toray’s PPS resin plant.
“We will develop Korea as the strategic foothold of the PPS resin market. We expect not only a huge import-substitution effect but also export expansion,” said Lee Young-kwan, Chairman & CEO of Toray Advanced Materials Korea Inc.
sollenso@yna.co.kr
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Source: Yonhap News (July. 07, 2014)
** This article was translated from the Korean.