Ministry of Industry Approves Business Restructuring for 29 Companies Including Yulchon Chemical and Hanguk Cheomdan Sojae

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The government has approved the business restructuring plans of 29 companies, including Yulchon Chemical and Korea Advanced Materials, to shift towards semiconductors and secondary batteries. On the 23rd, the Ministry of Trade, Industry and Energy held the 45th Business Restructuring Plan Review Committee meeting in writing and announced the approval of these companies' restructuring plans.

The approved companies plan to invest a total of 504.2 billion KRW and hire 966 new employees over the next five years to enter new business sectors in response to changing market demands.

Among the approved companies, mid-sized company Yulchon Chemical will leverage its expertise in packaging materials to fully enter the secondary battery pouch film market. Korea Advanced Materials will develop next-generation semiconductor glass substrates using optical transmission technology, and Femtoscience will develop ultra-low temperature semiconductor etching equipment using hydrogen fluoride, a gas with zero carbon emissions.

IT One plans to restructure its business towards AI-based construction robots, considering the expanding use of robots at construction sites.

Green Ribbon will diversify its business from the existing insurance claim agency service (B2C) to the AI insurance compensation support service market (B2B).

Kim Joo-hoon, the private sector chairman, said, "Since the implementation of the New Corporate Vitality Act in July, this is the first time companies in the fields of carbon neutrality, digital transformation, and supply chain stability have been approved," adding, "It was confirmed that companies are pursuing business restructuring in various fields."

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