Last year's acquired affiliate 'Panax Etec'
renamed to 'Donghwa Electrolite'
Intuitive rebranding for global expansion
Name of Hungary's new plant, scheduled for completion next year,
unified as 'Donghwa-BusinessMeaning-CountryName'
[Asia Economy Reporter Kim Daeseop] Dongwha Group is embarking on a new challenge to target the global market by even changing the name of its chemical business affiliate, which it is promoting as its second growth axis.
According to Dongwha Group on the 27th, the new secondary battery electrolyte plant scheduled to be completed in the S?s-k?t area near Budapest, Hungary, in the fourth quarter of next year, has been named 'Dongwha Electrolite Hungary.' Earlier this month, the chemical business affiliate 'Panax Etec' changed its name to 'Dongwha Electrolite.'
The name change was pursued after careful consideration by the group. Since Dongwha Enterprise, the group's main affiliate, acquired Panax Etec in August last year, the name had been maintained to minimize confusion with existing customers, but it was necessary to use the name 'Dongwha' to target the global market.
Dongwha Group plans to name new overseas business sites in the format 'Dongwha-BusinessMeaning-CountryName.' Dongwha Electrolite is a manufacturer of electrolytes. Electrolite means electrolyte.
Electrolyte is one of the core materials of secondary batteries. With the continuous increase in demand for electric vehicles and energy storage systems, the global secondary battery market is expected to grow, and the electrolyte market is also expected to expand accordingly.
Dongwha Group intends to nurture the chemical sector as a core business. The chemical business is a new area for Dongwha Group, which has grown mainly in materials and construction materials, to secure sustainable future growth engines.
Seung Myung-ho, chairman of Dongwha Group, told employees earlier this year, "The chemical business sector is Dongwha's second growth axis following materials. We will not stop new challenges and innovations that go beyond existing markets and strategies."
Accordingly, Dongwha Electrolite will be developed as a key company of the group to secure future growth engines. Dongwha Group plans to combine Dongwha Electrolite's excellent research and development capabilities and technology with the group's global management know-how and systematic support to create new growth engines.
This year, Dongwha Electrolite plans to focus on strengthening its foundation for securing cost competitiveness, acquiring core high-performance additive technology for next-generation battery systems, diversifying customers, and expanding markets.
Production capacity at overseas plants operating not only in Korea but also in Malaysia and China is steadily expanding. Once the Hungary plant is completed next year, Dongwha Electrolite's domestic and overseas electrolyte production capacity will increase to 53,000 tons.
A Dongwha Group official said, "The continuous growth of small and medium-sized secondary battery production used in electric power tools and the large-capacity secondary battery market used in electric vehicles is expected to become a new growth engine for Dongwha Enterprise."
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