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Korea-Finland JV Chemicals Company to invest KRW 50 bn in Ulsan

According to Yonhap News,

(ULSAN=Yonhap News) On July 10, Ulsan city announced that Yonsan Kemira Chemicals, a joint venture between Yongsan Chemicals and Kemira of Finland, decided to make new investment worth KRW 50 billion in Bugok-dong, Nam-gu, Ulsan.

Yongsan Kemira Chemicals is to build a factory producing DPAM by December 2020 in Yongsan Checmicals Ulsan factory in Namgu.

A new factory will begin commercial production in earnest in January 2021 after test-operation.

Kemira, a partner for JV, is a global chemical company with technology in water treatment agents.

Ulsan's investment delegation visited Kemira, located in Helsinki, Finland in April this year and suggested incentives for foreign investment and administrative support including permit and licensing, earning trust from the management.

Once a factory is up and running, it can produce up to 30,000 tons of DPAM per year, allowing Yongsam Chemicals production line to operate normally, often troubled by low operation rate or supply stoppage of clients.

DPAM is used across the industry in such areas as waste water treatment, paper mill, additives for crude oil drilling, among others.

A city official said, "This JV investment is expected to contribute to revitalizing regional economy, setting an exemplary case of win-win growth between regional companies and foreign investing companies."

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Source Text

** This article was translated from Korean.

Source: Yonhap News (July 11, 2019)