Samyang Biopharm to Build Suture Factory in Hungary... "Focusing on European Market"

Eom Tae-woong, CEO of Samyang Biopharm (left), and Lee Jae-du, Head of the MD Business PU, participated via video call in the "Biodegradable Suture Production Plant Investment Presentation" held in Hungary on the 28th and took a commemorative photo.

[Asia Economy Reporter Choi Dae-yeol] Samyang Biopharm announced on the 29th that it will build a biodegradable suture production plant in Hungary.

Biodegradable sutures are surgical threads that naturally decompose inside the human body after a certain period. At an investment presentation held at the Hungarian Ministry of Foreign Affairs and Trade the previous day, the company announced that it will invest approximately 35 billion KRW to establish a local production base. The event was attended by local political and government figures, including P?ter Szijj?rt?, Minister of Foreign Affairs and Trade of Hungary, as well as representatives from Korea. Samyang Biopharm CEO Eom Tae-woong participated via video conference due to the impact of COVID-19.

The company established a local subsidiary in July last year to expand its biodegradable suture business worldwide and secured about 33,000 pyeong (approximately 109,000 square meters) of land in the G?d?ll? Industrial Complex, located about 30 km from the capital, Budapest. It plans to invest around 2024 to build a suture yarn factory with an annual production capacity of up to 100,000 km. The company stated that once this subsidiary, which began operations in 2022, fully ramps up production, one-third of the company's total production volume will be produced overseas.

Samyang Biopharm, which succeeded in developing biodegradable sutures for the first time in Korea, exported yarn worth 40 million USD to over 190 companies in more than 40 countries last year. It holds the number one market share worldwide. The domestic production base, the Daejeon MD plant, is operating at 100% capacity. The decision to expand overseas was made because 90% of suture sales come from exports. Europe accounts for 45% of the company's export volume. CEO Eom Tae-woong stated, "Through Samyang Biopharm Hungary, we will strengthen supply stability and focus more on the European market."

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