WCP Invests 700 Million Euros in Hungarian Secondary Battery Separator Production Plant

Photo from the WCP Hungary Investment Event. Front row from the left: Park Gi-won, Director of KOTRA; Park Cheol-min, Ambassador of Hungary; Go Kyung-hwan, Head of WCP Hungary Corporation; P?ter Szijj?rt?, Minister of Foreign Affairs and Trade of Hungary; Tunde Szado, Director of Northeast Development of Hungary; Zoller Budai, Member of the National Assembly. Back row from the left: Yang Jeong-yoon, Manager of WCP; Vinnai, Member of the National Assembly of Ny?regyh?za; Kobac, Mayor of Ny?regyh?za; Istvan Joo, Head of the Hungarian Investment Agency. Photo by WCP

[Asia Economy Reporter Jang Hyowon] WCP (WCP, CEO Choi Won-geun), a specialized company in secondary battery separators, announced on the 21st that it will officially begin investing in a separator production plant in Hungary, a core material for secondary batteries used in electric vehicle batteries.

WCP recently announced at an event hosted by the Hungarian Ministry of Foreign Affairs and the Hungarian Investment Promotion Agency (HIPA) that it will invest approximately 700 million euros (about 953 billion KRW) in Ny?regyh?za, Hungary, to expand its secondary battery separator factory.

The company signed a land contract for about 820,000㎡ in the southern industrial complex of Ny?regyh?za as the site for the Hungarian factory and plans to complete the establishment of a secondary battery separator production line and coating line facilities with an annual production capacity of 1.2 billion ㎡ by 2025. The goal is to start supplying products sequentially to customers in the European region from the second half of 2024.

By the time the investment in Hungary is completed in 2025, WCP will have a total annual production capacity of 2.3 billion ㎡ of secondary battery separator production facilities, including domestic plants. The company also plans to consider additional investments in the future, taking demand into account.

A company official emphasized, “Through this investment, we will realize high productivity and price competitiveness based on excellent technology and production efficiency, and maximize corporate competitiveness in all aspects such as technology development, production capacity, and market expansion to become a global leader in the secondary battery separator industry related to future eco-friendly vehicles.”

Meanwhile, WCP is currently pursuing an initial public offering (IPO) for listing on KOSDAQ. The preliminary review for listing is underway, and once approved, the company will prepare all necessary matters, submit the securities registration statement, and proceed with the public offering process in earnest. The lead underwriters are KB Securities and Shinhan Investment Corp.

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