[Asia Economy Reporter Noh Kyung-jo] The Saemangeum Development Agency announced on the 21st that Toray Advanced Materials has broken ground for the additional establishment of a polyphenylene sulfide (PPS) resin production plant in the Saemangeum Industrial Complex.
Groundbreaking ceremony of Toray Advanced Materials PPS Unit 2 in Saemangeum Industrial Complex / Photo by Saemangeum Development Authority
Toray Advanced Materials is the first foreign company to settle in the Saemangeum Industrial Complex. On the 6th, the company announced plans to expand its PPS resin production facilities at the Gunsan plant in the industrial complex, aiming to start operations next year with an investment of approximately 100 billion KRW and an annual production capacity of 5,000 tons.
The groundbreaking ceremony held that day was attended by Kim Gyu-hyun, Administrator of the Saemangeum Development Agency; Kim Kwan-young, Governor of Jeollabuk-do; Guk Ju-young-eun, Chairman of the Jeonbuk Provincial Council; Akihiro Nikkaku, President of Toray Japan Headquarters; Lee Young-kwan, Chairman of Toray Advanced Materials; and Jeon Hae-sang, CEO, among others.
Through this expansion, Toray Advanced Materials will secure the largest domestic production capacity of 13,600 tons annually. It is also expected to produce 4,800 tons annually of sodium hydrosulfide, the main raw material for PPS resin, establishing the world's first integrated production system from raw materials to resin and compound. PPS is a high-performance material expected to have a demand of approximately 160,000 tons by 2026.
Administrator Kim Gyu-hyun said, "We are pleased and grateful that Toray Advanced Materials has continued to develop steadily since its completion in 2016 and is now expanding into the PPS business. We will support and cooperate fully to encourage Toray Advanced Materials' further growth."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
