Dow, Builder of Korea's First Silicon Factory... 55th Anniversary Ceremony

"Investment in Silicon Technology for Vehicle Lighting
Accelerating the Pace of Industrial Restructuring in Korea"

Yu Woo-jong, CEO of Dow Korea (center), poses with employees at the in-house ceremony celebrating the 125th anniversary of Dow's founding and the 55th anniversary of Dow Korea on the 18th. (Photo by Dow Korea)

[Asia Economy Reporter Moon Chaeseok] Dow, a global chemical company, announced on the 19th that it held an internal commemorative ceremony to celebrate the 125th anniversary of Dow's founding and the 55th anniversary of Dow Korea's establishment.

About 380 Dow Korea executives and employees working at the Seoul office, Jincheon plant, Jincheon research center, Yeosu office, and Ulsan office attended the ceremony held the previous day.

Yu Woojong, CEO of Dow Korea, congratulated the founding of Dow and Dow Korea through the event and expressed gratitude for the employees' hard work. CEO Yu said, "It is never easy for a company to reach its 125th anniversary," adding, "This is proof that Dow has led the market through continuous innovation and partnerships." He continued, "Going forward, Dow will strive to become the world's most customer-centric, innovative, inclusive, and sustainable materials science company."

Dow is known as a company with deep ties to Korea. It began its Korean business in 1967 by opening the Seoul liaison office, 'Dow Chemical International Limited.' It contributed to the development of the Korean chemical industry through various forms such as direct investment, joint ventures, and mergers. In 1979, it invested $148 million (approximately 190 billion KRW), the largest foreign capital in Korea at the time, to establish polyurethane and VCM (PVC raw material) plants in Yeosu. In 1985, it built the first domestic silicone plant in Cheongju, Chungbuk. In 1991, the plant was expanded and relocated to its current site in Jincheon, Chungbuk. In 2006, it achieved the milestone of being the first in the domestic silicone industry to record $100 million in exports.

Dow Korea announced plans to accelerate the pace of industrial restructuring in Korea. It is currently investing in the development of moldable optical silicone technology for automotive and industrial lighting applications. Dow Korea's Jincheon research center continues to collaborate with domestic small and medium-sized enterprises and strong small businesses for innovation in electronics, electrical, automotive, construction, and shipbuilding industries. CEO Yu stated, "Dow Korea will continue efforts for domestic industrial development and job creation through continuous investment, collaboration with customers and stakeholders, and nurturing talented personnel."

Dow operates 104 manufacturing plants in 31 countries worldwide. Last year's annual sales were approximately $55 billion (about 70 trillion KRW).