Kolon Industries aims to expand market with aramid, 70% pre-sales before factory completion = South Korea

Final inspections are being conducted at the Gumi aramid plant in South Gyeongsang Province of Kolon Industries, a major Korean chemical materials company, ahead of completion in early December. Once completed, the year
Production will increase from 7,500 tons to 15,000 tons. A company official said, ``Pre-sales were around 70%.''
The aramid produced by this factory expansion will be used in Thailand for electric vehicles (EVs).
It is used in optical fiber cables for 5th generation (5G) communications as well as in optical cables for fifth generation (5G) communications. In May, the company invested approximately 22 billion won (approximately 2,537,650,000 yen) to develop aramid pallets, which had previously produced 1,500 tons.
The company also announced plans to expand its production line to 3,000 tons. In addition, the company is using high-purity aromatic petroleum resin (PMR) technology, which has dramatically improved adhesive strength, to create high-value-added products.
The company is also embarking on expansion of the petroleum resin market. A 15,000-ton petroleum resin factory will be completed in 2021. In May, we invested approximately 24 billion won (approximately 2,768.35 million yen) in PMR.
The company expanded its production capacity by 10,000 tons. Annual production capacity will approximately double from the current 11,000 tons to 21,000 tons.
Kolon Industries officials said, ``The expansion is scheduled to be completed in the first half of next year.
This will make PMR's production capacity the world's top."