Abaco to Complete North America-Dedicated Secondary Battery Plant in September... Expecting Additional Annual Sales of 250 Billion KRW

Abaco signed a Memorandum of Understanding (MOU) with Gyeongsangbuk-do Province and Sangju City on the 6th.

According to this MOU, Abaco will establish a dedicated secondary battery production machinery factory on approximately 50,000㎡ of land within the Sangju General Industrial Complex by September. Through the construction of the new factory, the company plans to diversify its product lineup and increase production volume by introducing the latest production facilities.

Kang Young-seok, Mayor of Sangju, said, "We welcome Abaco's investment decision," and added, "Gyeongsangbuk-do and Sangju City will actively cooperate through business-friendly administration to ensure the smooth progress of the project."

The factory to be built in Sangju will be a dedicated production equipment factory for secondary batteries primarily targeting the North American market, with completion scheduled for the end of September. The company expects that after the construction of the Sangju factory, an additional annual sales revenue of approximately 250 billion KRW related to secondary battery equipment will be generated through synergy effects with existing businesses. They explained that the construction of the Sangju factory will serve as an additional growth momentum.

A company representative stated, "Sales of secondary battery equipment are steadily increasing," and added, "This year, we expect the proportion of secondary battery equipment to account for about 40% of total sales." They continued, "We will continue to supply secondary battery production equipment in line with the production facility investments of domestic and overseas secondary battery companies."