Kolon to Invest 4 Trillion KRW Over 5 Years in Advanced Materials and Eco-Friendly Energy

Investment Focused on 6 Key Areas
Hiring Employment-Vulnerable Groups Including Retired Military Personnel

Byeongdeok Ahn, Vice Chairman and CEO of Kolon Co., Ltd. (Photo by Kolon)

[Asia Economy Reporter Moon Chaeseok] Kolon Group will invest a total of 4 trillion won over five years in six sectors including advanced materials, eco-friendly energy, and bio. They also plan to increase hiring of vulnerable groups such as retired soldiers and disabled athletes.

Kolon announced on the 30th that the One and Only Committee, attended by key presidents, discussed the 'Future Investment and Employment Strategy' and finalized these investment and hiring strategies.

They decided to invest a total of 4 trillion won: 3.15 trillion won in future businesses, 450 billion won in existing businesses, and 400 billion won each in business foundation expansion. For future businesses, they will focus investments of 1.7 trillion won in advanced materials, 900 billion won in eco-friendly energy, 450 billion won in pharmaceuticals and bio, and 100 billion won in future mobility.

In the advanced materials sector, they plan to increase investment in production facilities for aramid fibers, known as 'super fibers,' and advanced new materials such as secondary battery materials. For eco-friendly energy, investments will be made across green energy including wind power, fuel cell materials, and hydrogen. In bio, funds will be allocated for new drug development research, clinical trials, process development, and facility investment. Future mobility investments will focus on urban air mobility (UAM) and composite material parts for space launch vehicles.

They will also expand social contribution activities for vulnerable employment groups. Employment opportunities will be increased for special occupational groups such as retired soldiers and firefighters, as well as for the disabled, multicultural families, and youth with migrant backgrounds. CEOs of affiliates will manage job creation and nurturing plans tailored to their companies as management performance indicators. An Byeongdeok, Vice Chairman of Kolon Corporation and chairman of the One and Only Committee, said, "Creating jobs through investment is important, but it is also a corporate duty to guarantee reemployment opportunities for those who deserve respect and to care for neighbors who find it difficult even to have employment opportunities." He added, "Going forward, affiliate CEOs will directly oversee the hiring and nurturing of these groups."

Papamobility, a mobility platform transportation business providing companion services for transportation-vulnerable individuals, plans to hire retired soldiers within this year. Affiliates such as Kolon Global will increase the scale of hiring disabled athletes. Training support will be provided through Kolon Sporex, a membership sports center. Hotel businesses nationwide, including Gyeongju Kolon Hotel, will expand service industry hiring for multicultural families and youth with migrant backgrounds.

They also plan to increase new youth hiring. Utilizing the group's imported car maintenance business infrastructure, they will prioritize hiring Meister High School graduates. A Kolon official said, "We announced 'Rich and Famous' as this year's management policy, meaning to stand tall as a respected company that breathes with society and prospers together." He added, "We will continue to take the lead in creating jobs that accompany society."