- Information Center
- Investment News
According to Yonhap News,
(SEOUL=Yonhap News) Solvay held a press conference on June 22 at the Millennium Seoul Hilton to celebrate 40 years in Korea. Solvay CEO Jean-Pierre Clamadieu emphasized the importance of the Korean market when asked why he decided to come to Korea in the middle of an outbreak of the Middle East Respiratory Syndrome.
Clamadieu said the World Health Organization has not recommended travel restrictions to Korea and that it is important for the company to keep its promises to customers and partners.
Solvay Group also held an event to celebrate its 40 years in Korea with Korean partners, customers and government officials at the Hilton the same day. Based in Belgium, Solvay is a global chemical company that has 119 offices in 52 countries and 26,000 employees. It entered the Korean market in 1975.
Solvay has long maintained a close relationship with the Korean market. It established a joint venture, Daehan Precision, with Samsung in 1987. In 1988, Honorary Chairman Baron Daniel Janssen of Solvay Group and Chairman Lee Kun-hee of Samsung Group met to discuss ways to do business.
Solvay relocated its global business unit headquarters for specialty chemicals to Korea in 2011. It has hired more than 500 workers in Korea alone and recorded sales of KRW 500 billion (USD 447 million).
Having invested a total of KRW 250 billion in Korea over the last decade, Solvay plans to complete the construction of a highly dispersible silica plant in the Saemangeum industrial complex by October of 2016. Highly dispersible silica is the core material of automobile tires.
Clamadieu cited Solvay’s important customers in Korea to explain why it is building a large-scale plant in Korea rather than China, a country often called “the world’s factory.”
Solvay decided to make bold investments in Korea as Hankook Tire and Nexen Tire, among the world’s leading tire producers, are here.
Korea’s Samsung Electronics and LG Electronics are the global leaders in sectors including new materials for electronics and automobile, printed electronics for displays and lithium-ion batteries, which are some of Solvay’s business units. In this regard, Clamadieu emphasized again the effectiveness of being close to customers.
He also said Solvay can provide high-tech innovation for Korean companies and support them as they become global players.
Solvay cooperated with Korea’s Ewha Womans University and opened the Ewha-Solvay Research & Innovation Center (6,600㎡) in June of 2014.
Clamadieu said he is proud of Solvay’s achievements and confident that Solvay will continue its success in Korea.
Copyrights Yonhap News. All Rights Reserved. Source Text
Source: Yonhap News (Jun. 22, 2015)
** This article was translated from the Korean.