Taekwang Industrial to Advance Payment for Partner Companies' Goods Before Chuseok

[Asia Economy Reporter Hwang Yoon-joo] Taekwang Industrial will make an early payment of approximately 20 billion KRW in goods payments to promote mutual growth with its partners ahead of the Chuseok holiday. This payment will be made 7 days earlier than the scheduled payment date to about 300 small and medium-sized partner companies.

This early execution of goods payments is part of a mutual cooperation measure to support partner companies facing severe management difficulties due to the economic downturn caused by the novel coronavirus disease (COVID-19) and consecutive typhoon damages.

In April, Taekwang Industrial signed a mutual cooperation agreement with Shinhan Bank to provide financial support to partner companies struggling with funding shortages due to COVID-19, and supported new loans to partners using a fund of 50 billion KRW.

CEO Hong Hyun-min stated, “Going forward, Taekwang Industrial will continue to seek various ways to achieve mutual growth and coexistence based on trust with partner companies facing difficult business environments, and prepare practical measures that can provide real help.”

Meanwhile, Taekwang Industrial has also taken the lead in sharing difficulties not only with partner companies but also with small business owners and SMEs. From March, the company reduced rent by 30% for three months for small business owners and SMEs located in its buildings, and in the Daegu and Gyeongbuk regions, the rent was reduced by 70% without a monthly cap.