FarmHannong Invests 13 Billion KRW in Gumi Factory
Gumi City Signs Memorandum of Understanding for Tiapenacil Expansion Investment
[Asia Economy Reporter Yoonju Hwang] Farm Hannong, an agricultural business subsidiary of LG Chem, is investing 13 billion KRW to expand its production line at the Gumi plant in Gyeongbuk.
On the afternoon of the 7th, Gumi City and Farm Hannong signed a Memorandum of Understanding (MOU) at Gumi City Hall to invest in expanding the production line for the new pesticide substance, Thiafenacil.
Farm Hannong, which promotes itself as a "green bio company," achieved sales exceeding 600 billion KRW last year and plans to invest 13 billion KRW in this production line expansion to create about 20 jobs.
Thiafenacil (product name Terado), a new herbicide substance developed by Farm Hannong, inhibits chlorophyll production within crops and generates reactive oxygen species to destroy cells.
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Yujin Lee, CEO of Farm Hannong, said, "We will continue to firmly maintain our status as a green bio company and tirelessly strive for the development of agriculture in the Republic of Korea."
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