Welcron Hantec Terminates Supply Contract Worth 113.2 Billion KRW

[Asia Economy Reporter Oh Ju-yeon] Welcron Hantec announced on the 27th that it has terminated a supply contract worth 113.2 billion KRW for the construction of a new building in Wonju Innovation City. The termination amount corresponds to 56.29% of the consolidated sales revenue as of the end of 2020.

The company explained the reason for the termination as a "mutual contract termination agreement," stating, "Due to increased external uncertainties such as recent raw material price hikes and increased financial costs from interest rate hikes, both parties agreed to terminate the contract." It added, "There will be no damages incurred or to be incurred by our company due to the contract termination."