Jeongeup-si and Kosen Co., Ltd. Join Hands for Factory Construction Investment in the 3rd Industrial Complex

[Jeongeup=Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil] Jeongeup City, Jeonbuk, has joined hands with Kosen Co., Ltd. (CEO Kim Kwangsoo) to invest in the construction of a new Jeongeup factory in the 3rd Industrial Complex.

On the 26th, according to the city, a signing ceremony for the investment in the new Kosen Jeongeup factory was held at the city hall's medium conference room, attended by Mayor Lee Haksoo, CEO Kim Kwangsoo, and officials from both organizations.

According to the agreement, Kosen Co., Ltd. plans to invest a total of 60 billion KRW to build a new factory and production facilities on a 26,446㎡ (about 8,000 pyeong) site within the 3rd Industrial Complex, aiming for completion next year.

This year, the land sale contract will be completed, and after finishing the factory construction and remodeling next year, full-scale product production is scheduled to begin in the second half of the year. The company also plans to hire about 50 new employees to fulfill the investment and revitalize the local economy.

To this end, the city will actively cooperate with administrative requirements such as investment subsidy support and permit procedures.

Kosen Co., Ltd. is a company producing stainless steel pipes, which are essential products for semiconductor production facilities and petrochemical production facilities, and it supplies major domestic companies such as Samsung Electronics.

In March, steel product manufacturer Kostil Co., Ltd. acquired Kosen to expand its production base and decided to invest in the Jeongeup 3rd Industrial Complex.

Kosen Co., Ltd. aims to achieve sales of 100 billion KRW after the investment.

Mayor Lee Haksoo said, "I sincerely thank Kosen Co., Ltd. for deciding to invest in Jeongeup City during these difficult times of global economic recession," and added, "We will spare no administrative and financial support so that Kosen can become a representative company of Jeongeup."

CEO Kim Kwangsoo said, "We thank Jeongeup City for its unwavering support for businesses," and added, "As much as we are welcomed, we will do our best to contribute to the revitalization of Jeongeup's local economy based on this investment."

Meanwhile, to commemorate the Kosen-Jeongeup City resident investment agreement (MOU) signed that day, Kosen Co., Ltd. donated 5 million KRW in scholarships to foster local talent in Jeongeup City.

Jeongeup=Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil baekok@asiae.co.kr

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