Warren Buffett's IMC Group Invests 130 Billion Won in Daegu ... Establishes Semiconductor Manufacturing Facility

Investment Agreement between CEO Illangeri and Hong Jun-pyo

On the 7th, Daegu City signed an agreement with IMC Group (President, Ilan Gary) at the Sangyeok Government Complex in Daegu to invest 130 billion KRW in establishing a new IMC Endmill semiconductor material manufacturing facility in Gachang-myeon, Dalseong-gun.

With this, IMC Group has made its third investment following Daegu Tech in 2008 (100 billion KRW) and the first IMC Endmill investment in 2018 (67.5 billion KRW), bringing Berkshire Hathaway's (Chairman Warren Buffett) cumulative investment in Daegu to 297.5 billion KRW.

Ilhan Geri, Chairman of IMC Group (right), is signing an investment agreement with Hong Jun-pyo, Mayor of Daegu.

IMC Group is a company wholly owned by Berkshire Hathaway, an investment firm owned by Warren Buffett, a world-renowned value investor, and produces a wide range of cutting tools applicable in the metal processing field.

Through the construction of this new semiconductor material manufacturing facility, IMC Endmill plans to produce tungsten powder used in the manufacture of semiconductor specialty gases essential to the semiconductor industry. This is expected to significantly contribute to the stable domestic supply of specialty gases for semiconductors, replacing imports and enhancing the productivity and development of the domestic semiconductor industry.

Tungsten powder products are managed as strategic materials worldwide and are designated as major stockpile resources in South Korea for storage and management. With the explosive increase in semiconductor demand driven by the expansion of AI, autonomous vehicles, the Internet of Things (IoT), and data centers, the demand for tungsten powder products, a core material for semiconductor process specialty gases, is also expected to continue growing.

Daegu City has selected the semiconductor industry as one of the five new industries to lead the next 50 years, focusing on nurturing talent in the semiconductor field and establishing an industrial base. Recently, it has attracted leading domestic and international design companies in automotive semiconductors and power semiconductors, such as Telechips and Infineon Technologies.

In particular, Daegu is focusing on creating an ecosystem specialized in system semiconductors through the establishment of the D-FAB sensor foundry and a semiconductor joint research institute. This IMC Endmill investment is expected to secure a manufacturing base for core semiconductor materials in the region and contribute to the expansion of Daegu’s semiconductor ecosystem.

Ilan Gary, President of IMC Group, said, “Through this investment, we will strive to become a global leader in semiconductor material supply and contribute to creating new jobs and revitalizing the local economy by distributing tungsten materials across various industries.”

Mayor Hong Jun-pyo stated, “Daegu Tech and IMC Endmill are regarded as successful cases of foreign-invested companies that have grown alongside Daegu through bold investments by Warren Buffett and IMC Group,” adding, “We expect this investment to contribute to expanding Daegu’s semiconductor ecosystem and revitalizing the local economy, and we will spare no administrative and policy support to help them grow into a leading company in the global semiconductor material market.”

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