Japan’s Toray to Invest in Korea

Japan’s Toray Industries Inc. and Toray Advanced Materials Korea Inc. will invest KRW 300 billion (USD 280 million) in Korea to build a manufacturing plant in Saemangeum for plastics used in electric cars and aircraft.

Toray Industries will invest KRW 86 billion and its Korean operations will invest the rest for the plant, groundbreaking for which is scheduled for December. The plant will churn out 8,600 tons of polyphenylene sulfide resin starting in 2015. Toray Advanced Materials Korea will increase its annual production capacity of the plastic to 17,000 tons by 2018.

Malaysia and Thailand were also considered as locations for the new plant.

Source : Invest Korea