Three MainBiz Association-Supported Companies Secure Approval for 48th Business Restructuring Plans

Recruitment of Applicants for the 49th Review Round

The Korea Association of Management Innovation for Small and Medium Enterprises (MainBiz Association) announced on the 23rd that, at the 48th Business Restructuring Plan Review Committee hosted by the Ministry of Trade, Industry and Energy on the 18th, it secured approval for the business restructuring plans of three companies it supported.

The companies in question are Gosan Tech, Shinsung C&T, and Samsung Metal. Gosan Tech plans to expand its business from its existing display inkjet equipment and module operations into the development of semi-transparent solar cell modules. Shinsung C&T will move beyond its current focus on manufacturing functional tapes for electronic devices and will pursue the localization of electrolyzer membranes, a key component for hydrogen plants. Samsung Metal intends to broaden its business structure, which has centered on ship valves, pumps, and bushings, to include the manufacturing of propellers for naval vessels.

The MainBiz Association held business briefing sessions over two days, on the 18th and 19th, in Seoul and Daejeon. MainBiz Association

The business restructuring support system is a program established under the Special Act on Corporate Vitalization, designed to help companies proactively restructure their businesses in order to enhance corporate vitality and industrial competitiveness. Approved companies will be eligible for various incentives for up to five years, including tax benefits, financial support, and regulatory exemptions, as they pursue new business ventures and expand employment.

The association serves as the official partner institution for the business restructuring support program, assisting with the identification of companies in need of restructuring and supporting the preparation of restructuring plans and applications.

To identify applicants for the fourth quarter of this year (49th round), the association held business briefing sessions over two days, on the 18th and 19th, in Seoul and Daejeon. The sessions provided education on the main features of the restructuring program, procedures, ways to utilize incentives, and participation requirements. Companies wishing to participate in the review of business restructuring plans must submit the relevant documents to the association by the 14th of next month. For further details, inquiries can be directed to the association's Policy Business Team.

Cha Youngtae, Executive Director of the MainBiz Association, stated, "As the global economic environment changes rapidly, companies are required to take preemptive action and engage in swift innovation activities. The association will continue to proactively identify companies in need of business restructuring and provide close support throughout the entire process."

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