Recently, with Gyeongbuk being selected as a specialized complex for semiconductors and secondary batteries, the large-scale investment by SK Specialty is expected to bring new vitality to the regional economy and expand the national advanced strategic industries to local areas.
On the 28th, Gyeongbuk Province and Yeongju City signed a large-scale investment memorandum of understanding (MOU) for the creation of a new industrial complex and the expansion of semiconductor and display material manufacturing plants at Yeongju City Hall. The ceremony was attended by about 40 people, including Lee Cheol-woo, Governor of Gyeongbuk Province; Park Hyung-soo, a member of the People Power Party from the region; Park Nam-seo, Mayor of Yeongju City; Lee Gyu-won, CEO of SK Specialty; and Shim Jae-yeon, Chairman of the Yeongju City Council.
Employees of SK Specialty, Gyeongbuk Province, and Yeongju City are posing for a commemorative photo after signing an investment agreement.
Through this agreement, SK Specialty plans to invest 500 billion KRW from this year until 2033 to establish a new industrial complex of approximately 150,000㎡ (45,000 pyeong) near the existing industrial complex and create about 200 high-quality jobs through the expansion of semiconductor and display material manufacturing plants.
Upon completion of the investment, SK Specialty will secure a semiconductor and display material production base totaling 570,000㎡ (170,000 pyeong), including the existing industrial complexes (Gahung Industrial Complex, SK Specialty Industrial Complex) and the new industrial complex. It is expected to generate economic effects comparable to an industrial cluster as a single company.
In particular, this investment is anticipated to expand SK Specialty’s dominant market share in the growing semiconductor and display material market and provide a foundation to timely commercialize new technologies to respond to the evolving demands of the semiconductor market.
Additionally, in line with the Environmental, Social, and Governance (ESG) management principles, the company plans to innovate technology and invest newly in eco-friendly projects, including greenhouse gas reduction, to create a sustainable future.
SK Specialty invests more than 3% of its annual sales in safety facilities and work environment improvements.
As a result, the company received the highest P grade in the Process Safety Management (PSM) evaluation last year and secured spatial safety certification from the Korea Safety Certification Institute this year. Utilizing the know-how accumulated through these processes, the company plans to maintain and develop the entire industrial complex as a world-class safe workplace.
Lee Gyu-won, CEO of SK Specialty, said, “Through this investment, SK Specialty is expected to take a step forward as a leading semiconductor and display material company representing South Korea. We aim not only to excel in business but also to become a global top company in safety standards, contributing to the local community and national economy.”
Park Nam-seo, Mayor of Yeongju City, expressed, “We thank SK Specialty, a hometown company that made a bold investment decision despite the global economic downturn, and we will spare no support for the successful investment. I am confident that the beautiful partnership between SK Specialty, expected to leap to the global No. 1 in the advanced materials industry, and Yeongju City will continue,” conveying his commitment to the mutual development of companies and the region.
Lee Cheol-woo, Governor of Gyeongbuk Province, stated, “As the demand for new materials continues to increase with technological advancements in the semiconductor industry, SK Specialty’s large-scale investment decision will provide a foundation to timely commercialize new technologies in response to market changes. We will actively support SK Specialty to grow as a special company not only in Gyeongbuk but also globally.”
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