Luxembourg's '100-Year Company', Rotarex Moves Headquarters Production Line to Chungnam

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Luxembourg-based company Rotarex is investing $10 million to relocate its headquarters production line to Chungnam. Rotarex is the world's number one company in the special gas valve field for cylinders, boasting a 100-year history since its establishment in 1922.

On the 27th, Chungnam Province announced that Governor Kim Tae-heum signed a memorandum of understanding on the 26th (local time) at Rotarex headquarters in Luxembourg.

According to the agreement, Rotarex will move the headquarters production line from Luxembourg to its existing factory located in the Asan Tangjeong Foreign Investment Zone.

The province and Asan City plan to support administrative procedures such as permits until Rotarex completes the relocation of the production line.

The province expects that if Rotarex proceeds with the investment as planned, it will generate effects such as sales of 65 billion KRW, exports of 20 billion KRW, import substitution of 15 billion KRW, and 65 new jobs over five years.

Meanwhile, Rotarex currently has regional headquarters and factories in 21 countries worldwide. As of last year, it is known to have about 1,600 employees and annual sales of 450 million euros (629.7 billion KRW).

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