Rendered image of Toray Industries`s R&D center. [Photo provided by Toray Industries Inc.]
The South Korean unit of Toray Industries Inc., a Japanese conglomerate specializing in industrial products, will build a research and development center in Seoul to identify new growth engines in its efforts to solidify its presence in the Korean market.
Korean subsidiaries of Toray Group including Toray Advanced Materials and Toray Chemical held a groundbreaking ceremony for the R&D center on Thursday in Magok industrial complex, west of Seoul.
The new R&D facility will be an eight-story building with two underground floors, commanding a total area of 30,000 square meters. The building is due for completion by November 2019 and will house Toray Advanced Materials, Toray Chemical and TAK Information Systems.
The center plans to focus on convergence research, developing advanced materials in IT, electronics and automotive sectors in partnership with various companies both inside and outside the group.
The R&D center construction comes after the Japanese conglomerate in October last year pledged to pour 1 trillion won ($880 million) into Korean operations with an aim to boost the sales of the unit to 5 trillion won by 2020. The investment would be made in a range of sectors including advanced materials, non-woven fabrics and batteries, the firm said.
Korea’s Toray Group generated 3.1 trillion won in sales last year, accounting for about 14 percent of Toray’s worldwide revenue. Toray Industries was established in 1926 in Japan as an importer of rayon yarn and has grown into one of Japan’s largest conglomerates, with businesses in fibers and textiles, performance chemicals, housing and engineering, and pharmaceuticals.
In 1963, it ventured into Korea by providing nylon manufacturing skills to a Korean company and has since been upping its investment in the country. Key subsidiaries in Korea include Toray Advanced Materials, Toray Chemical, Toray Battery Separator Film (BSF) and Stemco.
By Hwang Soon-min and Kim Hyo-jin
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