Advanced Materials and Components Industry as a Stepping Stone, Leading Industries Also Upgraded
Yongsan Chemical Co., Ltd., a company in the petrochemical industry, will invest in establishing a secondary battery material production plant worth 100 billion KRW in Ulsan.
On the 27th, Ulsan City announced that it secured a 100 billion KRW-scale investment from Yongsan Chemical Co., Ltd., which possesses excellent technology in the petrochemical industry, for the establishment of a new 'electronic materials and secondary battery material production plant.'
This investment attraction lays the foundation for Ulsan to grow as a production hub for materials, parts, and equipment products in future core industries such as displays, semiconductor materials, and advanced secondary batteries.
Ulsan City views this as an opportunity to achieve not only the advancement but also the modernization of its existing key industries, including the automotive industry.
On the 27th at 3 p.m., Ulsan City and Yongsan Chemical Co., Ltd. will sign a Memorandum of Understanding (MOU) for the new investment in the electronic materials and secondary battery material production plant at the mayor’s office on the 7th floor of the main city hall building, attended by Ulsan Mayor Kim Doo-gyeom and Yongsan Chemical CEO Park Jang-hwan.
Accordingly, Yongsan Chemical Co., Ltd. will establish a manufacturing plant for electronic materials and secondary battery materials in the Bancheon General Industrial Complex, Eonyang-eup, Ulju-gun.
Ulsan City will provide administrative support such as permits and approvals for investment implementation. Yongsan Chemical Co., Ltd. has committed to prioritizing the employment of Ulsan citizens when hiring personnel necessary for the new investment and operation, and to investing in facilities to improve employee working conditions.
Additionally, during the construction of production facilities, Yongsan Chemical and Ulsan City plan to mutually cooperate to promote job creation and economic revitalization within the region by purchasing construction, services, and supplies from local companies in Ulsan.
Yongsan Chemical will invest a total of 100 billion KRW in three phases to build a new factory covering 34,955㎡ in the Bancheon General Industrial Complex, Ulju-gun. The investment is expected to create more than 100 new jobs.
The phased investment will proceed as follows: after signing the occupancy contract in July, △ Phase 1 (2023?2024) 40 billion KRW (about 40 new jobs) △ Phase 2 (2026?2027) 30 billion KRW (about 30 new jobs) △ Phase 3 (2029?2030) 30 billion KRW (about 30 new jobs).
After the factory is completed, starting in 2026, annual sales are expected to begin at 30 billion KRW and reach 100 billion KRW by 2030.
Established in 1974, Yongsan Chemical has built an independent domain in the petrochemical field over 50 years. For this new investment, it has established a subsidiary, YCI Advanced Co., Ltd., which will promote the commercialization of materials, parts, and equipment products such as display and semiconductor materials through the subsidiary.
Park Jang-hwan, CEO of Yongsan Chemical, stated, “We will grow into a technology-innovative materials, parts, and equipment company responsible for future growth by domesticating core materials used in displays, semiconductors, and secondary batteries.” He added, “By domesticating electronic materials (such as polyimide monomers) and binders for secondary batteries, which currently rely entirely on Japan, Taiwan, and China, we will lead the development of the materials, parts, and equipment market.”
Ulsan Mayor Kim Doo-gyeom said, “Ulsan hosts Hyundai Motor, which has the largest electric vehicle production facility in Korea, and Samsung SDI, a global secondary battery manufacturer. It also has excellent industry-academia-research partnerships for research and development, including Ulsan National Institute of Science and Technology (UNIST), Korea Institute of Energy Research, and Ulsan Technopark Secondary Battery Demonstration Center.” He added, “We expect Yongsan Chemical to establish its position as a specialized materials, parts, and equipment company through fostering the secondary battery industry.”
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