Ottogi to Advance Payment of 11 Billion KRW in Subcontract Fees to Partners Ahead of Chuseok

Support for Smooth Fund Management... Advanced by an Average of 50 Days
22 Companies Including OEMs, Raw Material and Packaging Suppliers
Full Cash Payment

Ottogi announced on the 30th that it will provide an early cash payment of 11 billion KRW in subcontract payments to help its partners manage their funds smoothly ahead of Chuseok. This is approximately 50 days earlier than the normal payment date. The payment targets include 22 companies such as Original Equipment Manufacturers (OEMs), raw material suppliers, and packaging companies.

Ottogi Daepung Factory Office Building
[Photo by Ottogi]

An Ottogi representative stated, "In a situation where small and medium-sized partners are facing increased financial burdens due to the economic downturn and high interest rates, we hope that the early payment of subcontract fees will help alleviate their financial difficulties."

Ottogi is discussing and improving key issues related to mutual growth through an internal review committee composed of employees from relevant departments, centered on the ESG (Environment, Social, and Governance) promotion team, to foster coexistence with its partners. Since 2015, Ottogi has also established a mutual growth fund to support partners and dealerships by providing loans at interest rates lower than market rates to facilitate their business activities.