Decision to Expand Production Plant of Fine Chemical Product 'Cheonghwa Soda'
Taekwang Industrial signed an investment agreement (MOU) worth 150 billion KRW on the 19th to expand its production plant for bleaching soda in Ulsan. At the signing ceremony held at Ulsan City Hall that morning, Seong Hoe-yong, President and CEO of Taekwang Industrial (center left in the photo), and Kim Doo-gyeom, Mayor of Ulsan (center right in the photo), along with key officials from both sides, posed for a commemorative photo. Photo by Taekwang Industrial
Taekwang Industrial, a core affiliate of Taekwang Group, announced on the 19th that it has signed an investment agreement (MOU) with Ulsan City for the expansion of its soda ash production plant, worth 150 billion KRW.
The agreement ceremony was held in the mayor's office at Ulsan City Hall in the morning, attended by key representatives from both sides, including Seong Hoeyong, CEO of Taekwang Industrial, and Kim Doogeom, Mayor of Ulsan. Through this agreement, both parties agreed to actively cooperate to revitalize the local economy and create jobs. Taekwang Industrial plans to prioritize hiring Ulsan citizens among the workforce needed for the plant expansion and promote address changes to Ulsan for residents living outside the area, implementing a community-based employment policy.
Additionally, the company intends to contribute to the revitalization of the local economy by strengthening cooperation with local Ulsan businesses during the construction and operation of the plant. Ulsan City will provide administrative support such as permits and approvals related to the soda ash production plant expansion.
Taekwang Industrial plans to double the size of its soda ash production plant located in the Ulsan Mipo National Industrial Complex to enhance its competitiveness in the global fine chemicals market. Approximately 150 billion KRW will be invested in the soda ash plant expansion from October 2024 to December 2026. Once full-scale operations begin in January 2027, the current annual production capacity of 66,000 tons of soda ash is expected to increase to 132,000 tons.
Along with the plant expansion, the company will introduce direct raw material production technology, enabling independent business operations without relying on the acrylonitrile (AN) market conditions. This is expected to lead to stable profit generation and position Taekwang Industrial as one of the global top three companies in soda ash production.
Seong Hoeyong, CEO of Taekwang Industrial, stated, "The expansion of the soda ash plant is an important opportunity to strengthen Taekwang Industrial's global competitiveness," adding, "We will continue to grow sustainably by expanding eco-friendly and resource circulation businesses together with the Ulsan community, contributing to economic revitalization and job creation."
Kim Doogeom, Mayor of Ulsan, said, "Taekwang Industrial's investment expansion is expected to inject new vitality into the domestic fine chemicals industry," and added, "Ulsan City will continue to support attracting corporate investments through the advancement of core industries and fostering new growth to create more jobs."
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