Changwon Chamber of Commerce and Industry Successfully Completes 'Business Restructuring Consulting Project'

Three Companies Including PK Valve & Engineering
Approved for Business Restructuring Plan by Ministry of Trade, Industry and Energy

The Changwon Chamber of Commerce and Industry in Gyeongnam supported local companies' entry into future industries through the 'Core Industry Business Restructuring Consulting Project.'

This project, organized by the Changwon Chamber of Commerce and Industry in collaboration with the Ministry of Employment and Labor and Gyeongsangnam-do, was launched this year for the first time. It targets small and medium-sized enterprises and mid-sized companies in the automotive and machinery equipment sectors within the province, supporting the establishment of customized strategies according to future industry response capabilities and types of business restructuring.

Changwon Chamber of Commerce and Industry has signed a business restructuring consulting agreement.

Accordingly, in April, beneficiary companies were recruited, and 10 companies were finally selected as consulting target companies. The selected companies received support including ▲preliminary management analysis ▲technical and business feasibility analysis ▲patent trend analysis (Patent map) ▲technology development based on intellectual property rights ▲growth roadmap preparation ▲and business restructuring (industry transition and expansion, business diversification) strategy establishment.

Through this project, three participating companies?PK Valve & Engineering (hydrogen sector), M&N (biohealth sector), and Dongyang Hightech (low-carbon process sector)?achieved the approval of their business restructuring plans from the Ministry of Trade, Industry and Energy. These three approved companies receive various incentives such as simplified procedures under the Commercial Act and Fair Trade Act, regulatory exemptions, R&D, financial support, consulting, and tax benefits according to the 'Special Act for Revitalizing Corporate Vitality.'

In particular, PK Valve & Engineering is pursuing business restructuring from its existing valve business for petroleum and chemical industries to a cryogenic hydrogen valve business (-253℃), a low-carbon energy, in line with the paradigm shift in energy use. PK Valve & Engineering holds a competitive advantage by independently securing overseas certifications and testing facilities in the highly entry-barrier cryogenic product field at -253℃, which also favors technology commercialization. Based on this, the company plans to enter the market targeting domestic large corporations and global companies that require related equipment for liquefied hydrogen, plant construction, and transport ship manufacturing.

A representative of PK Valve & Engineering stated, “Based on the results of the business restructuring consulting, we established a strategic planning team and held company-wide briefings to build consensus on the company’s changes and direction.” He added, “Starting with this project, we plan to continuously pursue research and development and new facility investments to achieve our sales target by 2028.”

A representative from the Changwon Chamber of Commerce and Industry said, “Business restructuring by companies has a higher chance of success when voluntary innovation, willingness to change, and incentive support are combined. This consulting project focused on helping local companies obtain government approval for business restructuring.” He added, “We will continue to flexibly respond to the needs of local companies preparing to enter future industries and strive to establish new growth engines.”