Taekwang Industrial, Early Payment of 12.8 Billion KRW for Partner Companies' Goods

Early Payment of Goods to 246 Small and Medium Partner Companies Before Lunar New Year Holiday

Taekwang Group's textile and petrochemical affiliate, Taekwang Industrial, announced on the 21st that it will make early payments of approximately 12.8 billion KRW in goods payments to its partner companies ahead of the Lunar New Year holiday to promote mutual growth.

This early payment of goods payments is a decision to alleviate the financial burden on small and medium-sized partner companies, whose cash needs intensify before the Lunar New Year holiday. The early payment targets 246 partner companies and will be paid in a lump sum on the 24th, seven days earlier than originally scheduled.

As part of mutual cooperation and co-prosperity with its partner companies, Taekwang Industrial has consistently implemented early payments of goods payments before holidays since the Chuseok holiday in 2020.

A Taekwang Industrial official said, “We aim to support cash liquidity for partner companies experiencing management difficulties due to the economic downturn,” adding, “We will establish various support systems from the perspective of long-term co-prosperity and building a mutually beneficial relationship.”

Meanwhile, until 2020, Taekwang Industrial has continued efforts to share the difficulties of small business owners and SMEs beyond its partner companies, such as conducting the ‘Good Rent Movement,’ which reduces 30% of rent within a monthly limit of 2 million KRW for small business owners and SMEs operating in company buildings.

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