[Asia Economy Reporter Yoo Hyun-seok] Sehwa IMC recently announced on the 26th that order requests have been continuing from both previously suspended global clients and new buyers. The global top buyer Michelin recently proposed renewing the supplier registration of the domestic corporation, and Toyo, a Japanese company that had stopped transactions 4 years ago, has requested to resume business. The company has completed the first test order for resuming transactions with Toyo.
As the company, which had long suffered internal turmoil due to management issues, has stabilized, buyers seeking the world's top-level technology and quality in the tire mold industry are returning to Sehwa IMC. Due to the rapidly increasing number of clients, Sehwa IMC's domestic factory utilization rate reportedly reached 90% as of the first quarter.
A company official commented on the recent situation, “Amid the global economic downturn caused by the COVID-19 pandemic, the global automotive industry was also hit, leading to a wave of bankruptcies among small and medium mold companies. This resulted in a ripple benefit for 3 to 4 unique brand companies in the mold industry, including Sehwa IMC, which maintain consistent quality and technology. In particular, with the recent resumption of trading on the KOSPI and news of management stabilization, major buyers in the industry have been continuously proposing orders to Sehwa IMC,” he said.
The company plans to prioritize global market risks as the COVID-19 situation prolongs and focus on sales to domestic buyers such as Nexen and Hankook Tire.
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