South Korea’s textile conglomerate Kolon Group will relocate headquarters offices of its core manufacturing units to Magok-dong in the western Seoul in Korea as it accelerates transition to future-looking business with bioengineering advances.
It is the first relocation from its nest of Gwacheon, Gyeonggi Province since 1997.
Kolon Group said on Thursday 1,500 staffs of Kolon Industries, Kolon Life Science and Kolon Glotech will move to its new building called One & Only Tower in Magok-dong next week.
The decision comes as Kolon Group has sought to invest in various businesses to better adjust to industrial changes in the age of the fourth industrial revolution.
Kolon Life Science last year released new osteoarthritis drug Invossa and received positive response, raising expectations on earnings growth. Kolon Industries recently added production lines for colorless polyimide films in its Gumi plant to take a dominant position in the flexible display market. It is mulling an additional investment of 30 billion won ($28 million) to prepare for the rapidly-growing automotive electric parts and communication server markets.
By Hwang Soon-min and Lee Ha-yeon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]