Taekwang Industrial Makes Early Cash Payment of 5.3 Billion Won to Partners

Cumulative 104.3 Billion Won in Win-Win Support Since 2020

Taekwang Industrial, a textile and petrochemical affiliate of the Taekwang Group, announced on October 2 that it had made early payments in full cash to its partner companies ahead of the Chuseok holiday to support their liquidity.

The total amount paid early this time was 5.3 billion won to 12 companies. The company explained that it pre-paid the amounts due by October 12.

Since Chuseok 2020, Taekwang Industrial has been advancing payments for goods supplied by its partners during the Lunar New Year and Chuseok holidays. The cumulative amount of early payments up to this Chuseok has reached 104.3 billion won. The company emphasized that it pays the full amount in cash without issuing promissory notes.

Separately, since 2020, Taekwang Industrial has been supporting lower loan interest rates for its partners by using regular deposit interest as a fund source, under a mutually beneficial loan agreement with Shinhan Bank. As of the end of July this year, 76 partner companies have benefited from reduced interest rates.

Additionally, since 2021, Taekwang Industrial has participated in the 'Good Rent Campaign,' offering a 30% rent reduction, up to 2 million won per month, to small business owners and SMEs located in its headquarters and business sites in Seoul, Gyeonggi, Ulsan, and Busan.

A Taekwang Industrial representative stated, "Our partner companies are also facing difficulties due to the prolonged downturn in the petrochemical industry," and added, "We will continue to provide support so that our partners can overcome these challenges together."

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