Duol provides COVID-19 business stabilization funds to domestic partners... practicing win-win management

[Asia Economy Reporter Hyunseok Yoo] Dooall announced on the 6th that it has provided 700 million KRW in funds to stabilize the management of major domestic partners struggling due to the spread of the novel coronavirus infection (COVID-19).

On the 5th, Dooall provided interest-free operating funds equivalent to about one month's worth to five subcontracting and material supply companies at its Asan and Ulsan factories. The amount will be repaid by deducting in installments over the next four months to minimize repayment burdens.

The company stated, "This measure was taken to alleviate the liquidity burden of small and medium-sized partners affected by COVID-19 and to assist in fund management," adding, "It is intended to overcome the current crisis together in line with the management policy and active support measures of our largest customer, aiming for sustainable development across the industrial ecosystem."

They also emphasized, "As a market-leading company, Dooall considers social responsibility and ethical management as important criteria in decision-making. In addition to this financial support, we have consistently practiced win-win management from a principled perspective through advance payment of settlement funds and technical support for partners over recent years."

Dooall is a mid-sized company with over 40 years of experience manufacturing seat covers, fabrics, and airbags for global automobile brands. It has global production bases in Korea, China, Europe, and South America, and possesses strengths in design capabilities and R&D of eco-friendly advanced materials.

Jo Inhoe, CEO of Dooall, stated, "The core of win-win growth is for not only Dooall but also our partners to enhance business competitiveness based on stable management," and added, "Even in crisis situations, we will ensure there is no disruption in mass supply to customers through rational raw material procurement and production management, and we will also review additional support measures for partners in preparation for prolonged circumstances."

This content was produced with the assistance of AI translation services.