Approval Granted for Business Restructuring of 12 Companies Including Future Car Parts and Security Solutions

The Ministry of Trade, Industry and Energy announced on the 27th that it has approved business restructuring plans for 12 companies in the future car, digital, and new materials sectors.

G-Platec, which manufactures vehicle interior and exterior parts such as cockpits, plans to develop vehicle glass replacement parts using lightweight plastic materials. Fine Solution has finalized plans to develop composite materials that reduce electric vehicle noise, and SPIEL plans to develop an autonomous driving sensor camera cleaning system.

Dizens, which produces hydrogen vehicle parts, will start manufacturing battery components. Anycell, which makes paper document leakage prevention devices, plans to develop a security document leakage prevention system incorporating artificial intelligence (AI) technology. Daewoo Electronic Materials received approval for its business restructuring plan to develop silicon anode materials for secondary batteries, and Conasol was approved to develop neutron absorbers and aluminum composite materials for ballistic protection.

With the approval of these restructuring plans, the Ministry of Trade, Industry and Energy expects 596 new jobs to be created and investments to total 687.4 billion KRW. Cooperation with the financial sector, which began last year, continues steadily. Among the companies approved this time, seven were recommended by commercial banks. The number of companies approved through bank recommendations has increased to 22 over eight months. Policy financial institutions have supported 10 trillion KRW in business restructuring and industrial upgrading sectors so far and plan to supply 20.5 trillion KRW within this year.

Jang Young-jin, the first vice minister of the Ministry of Trade, Industry and Energy, said, "The need for business restructuring is increasing more than ever amid changes in the economic order and complex crises," adding, "We will push for legal amendments to make the Corporate Vitality Act, which is scheduled to expire next year, permanent and to strengthen incentives so that greater results can be achieved."

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