Miwon Sangsa Co., Ltd. to Establish Large-Scale Factory Addition in Iksan, Jeonbuk

Jeonbuk Province and Iksan City Sign Investment Agreement... 303.5 Billion Won Invested in Iksan 3rd General Industrial Complex

[Jeonju=Asia Economy Honam Reporting Headquarters Reporter Kim Han-ho] Jeonbuk Province and Iksan City announced on the 14th that they have signed an investment agreement with Miwon Sangsa Co., Ltd. (CEO Son Eung-ju).

According to this agreement, Miwon Sangsa Co., Ltd. will invest 303.5 billion KRW to establish a large-scale factory in the Iksan 3rd General Industrial Complex, and Jeonbuk Province and Iksan City will actively cooperate in administrative support and permit processing to ensure smooth progress of the company's investment.

Miwon Sangsa Co., Ltd. is a mid-sized company that recorded sales of 344.6 billion KRW in 2021, showing rapid growth of 31% compared to 237.6 billion KRW in 2019.

Originally founded in 1959, the company started with the production of basic chemical products such as sulfuric acid and powdered sulfur. However, through continuous research and development, it has commercialized high value-added precision chemical products such as core chemical materials and functional resins for electronic devices. Based on the accumulated technology, it has expanded exports and is recently preparing to leap into the global market as a precision chemical company.

Miwon Sangsa Co., Ltd. has expanded its investment in Jeonbuk by establishing Plant 1 in Wanju, Jeonbuk in 1995, followed by Plant 2 in 2008 and the Iksan Plant in 2017.

The company plans to utilize local businesses in related fields such as equipment, materials, and logistics, and also plans to use local companies for the expanded parts due to the new factory establishment, which is expected to lead to the co-growth of related companies in the province.

In particular, it is expected to create 300 jobs and generate 500 million KRW in local tax revenue annually.

This investment agreement has increased the occupancy rate of the Iksan 3rd Industrial Complex to 97%.

CEO Son Eung-ju said, “I am pleased to contribute to regional economic growth and job creation by establishing a production plant in Iksan, Jeonbuk, and I will continue to strive to create good jobs and grow together with the local community.”

Jeonju=Honam Reporting Headquarters Reporter Kim Han-ho stonepeak@asiae.co.kr