Kolon Industries Employees Donate to Support Colleagues Facing COVID-19 Hardships

40% of the Reward Received for Early Achievement of Aramid Expansion Voluntarily Donated

[Asia Economy Reporter Hwang Yoon-joo] Kolon Industries has stepped up to help the families of its employees who are struggling due to the novel coronavirus disease (COVID-19).

On the 3rd, Kolon Industries donated funds to support the families of employees affected by COVID-19. The donation was raised voluntarily by employees from a portion of the bonus awarded to the Aramid Division, which recently completed a successful production line expansion.

Kolon Industries decided to expand its aramid production in 2018 and aimed to complete the construction by the first half of this year, successfully finishing the expansion ahead of schedule. The company awarded a bonus of 200 million KRW to the division that recently achieved significant results in reducing manufacturing costs and increasing profit margins. Employees voluntarily decided to donate about 74 million KRW, which is approximately 40% of the bonus, to colleagues facing difficulties due to COVID-19.

The donated funds will be distributed to about 30 families of Kolon Industries employees who are struggling due to COVID-19 while running small businesses. It is expected to provide some help amid nationwide efforts to minimize damage to small business owners, including recent disaster relief payments.

In March, Kolon Industries also donated Onnuri gift certificates worth 120 million KRW, collected from employees, to support the economy of the Daegu-Gyeongbuk region where its business sites are located.

Meanwhile, the aramid fiber HeraKron® produced by Kolon Industries, whose expansion was recently completed, is known as a "super fiber" and has been used in high value-added industrial materials such as bulletproof vests, military supplies, and tire cords. Especially with the recent commercialization of 5G, aramid materials have gained attention as the backbone of optical cable infrastructure, which requires high strength and elasticity, leading to a rapid increase in demand. With the recent completion of the production line expansion, Kolon Industries expects to increase production from 6,000 tons to 7,000 tons annually and achieve annual sales exceeding 200 billion KRW for this single product.

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