One of Korea's Top 3 Fireproof Coating Companies, 'Handuhwa Ecote', Expands Factory in Ulsan

Ulsan City Signs Memorandum of Understanding for Factory Expansion Investment ... Gimhae Factory Relocated to Ulsan

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] On the 25th, Ulsan City will sign a 'Factory Expansion Investment Memorandum of Understanding' with Handuhwa Earcoat Co., Ltd. (CEO Kwon Oh-sung).

Through this investment agreement, Ulsan City will provide administrative and financial support to ensure the smooth progress of Handuhwa Earcoat's Ulsan factory expansion investment.

Handuhwa Earcoat will prioritize hiring Ulsan citizens through the investment and actively cooperate in creating local jobs.

CEO Kwon Oh-sung said, "The average annual sales growth rate over the past three years has been over 10%, and sales growth is expected this year and next year, so we decided to expand the Ulsan factory," adding, "We plan to continuously expand our business by using the Ulsan factory as a foothold to pioneer overseas markets."

Jung Ho-dong, Director of the Future Growth Foundation Bureau of Ulsan City, said, "Handuhwa Earcoat is a competitive and solid promising company in the refractory coating industry," and added, "Ulsan City will provide interest and support so that it can grow not only in the domestic market but also in the global market through excellent technology using the Ulsan factory as a foothold."

Handuhwa Earcoat, established in 1992, is the first domestic refractory coating manufacturer with factories in Ungchon-myeon, Ulju-gun, and Gimhae, Gyeongnam, and was the first in Korea to produce refractory coatings using its own domestic technology.

Currently, it produces 'high-quality general architectural refractory coating products' with a fire resistance performance of 3 hours and 'industrial refractory coatings' that require U.S. product safety certification (UL1709) to supply.

Only three domestic companies, including Handuhwa Earcoat, can produce these products, and these three companies occupy more than 70% of the domestic refractory coating market.

Handuhwa Earcoat plans to expand the number of employees at the Ulsan factory from the current 2 to 17 after the factory expansion and increase employment annually through business expansion such as pioneering overseas markets.