Taekwang Industrial Makes Early Payments to 46 Partner Companies Ahead of Lunar New Year

Early Cash Payments Made to 46 Partners More Than 10 Days Ahead of Schedule

Taekwang Industrial, a textile and petrochemical affiliate of the Taekwang Group, announced on the 11th that, ahead of the Lunar New Year holiday, it had made early payment of all pre- and post-holiday delivery payments in cash to support the liquidity of its partner companies.

Taekwang Industrial Corporate Identity.

Through this measure, 46 partner companies received their payments in a lump sum more than 10 days earlier than the originally scheduled payment dates. The early payment covered not only textile companies that have recently been experiencing management difficulties due to a downturn in the industry, but also partner companies in the petroleum and chemical sectors.

Since the Chuseok holiday in 2020, Taekwang Industrial has been making early cash payments of delivery proceeds to its partner companies for every major holiday, and the cumulative amount has reached 105.1 billion won.

Alongside this, the company is also operating mutual growth programs aimed at reducing the financial burden on its partners. Since 2020, it has maintained a mutual growth loan agreement with Shinhan Bank and has provided interest rate reduction benefits on 77 occasions to small and medium-sized partner companies. It has also joined the "Good Rent" campaign for small business owners that are tenants in its buildings, offering a 30% rent reduction within a monthly limit of 2 million won.

A Taekwang Industrial official said, "We are preparing various support measures to overcome the structural downturn in the petrochemical industry together with our partner companies," adding, "We will continue to do our best to build a healthy industrial ecosystem through win-win management."

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