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Toray Advanced Materials breaks ground for carbon fiber plant in Korea

According to Pulse by Maeil Business News Korea

Toray Advanced Materials Korea, Inc. (TAK), an affiliate of Japan’s Toray Industries, Inc. on Wednesday held a ground-breaking ceremony for Gumi Plant No.4 that will produce high-tech materials such as carbon fibers.

The plant is to be built on the premise with a floor area of 270,000 square meters leased by TAK in the Gumi National Industrial Complex 5 in Gumi, North Gyeongsang Province, at a cost of 425 billion won ($379 million), including direct investment of 141.6 billion won, until 2021. By 2030, the plant would draw funding of around 5 trillion won. 

President Park Geun-hye attended the ground-breaking event for the plant that is expected to add up to 24,000 jobs and save the country import cost of 1.1 trillion won.

Akihiro Nikkaku, President of Toray Industries vowed to make further contributions to the Korean economy by nurturing the plant as the hub for high-tech materials industry.

Once completed, Toray’s Korean annual output of 43,000 metric tons will expand to 61,000 metric tons. The new plant will turn out carbon fibers that are used to minimize the weight of automobiles and develop green cars. It also will produce polyester films that are applied to numerous industry fields from general food packaging to electronic components.

By Kang Young-woon

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Oct. 19, 2016)

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