SEOUL, Nov. 13 (Korea Bizwire) – South Korean companies that operated factories at the now-shuttered joint industrial park in North Korea said Monday they will accept the tens of billions of won in compensation recently offered by the government, yet decided to seek additional support. On Friday, the government said it will provide compensation to hundreds of domestic companies who suffered losses [...]
SEOUL, Nov. 13 (Korea Bizwire) — Doosan Infracore Co., South Korea’s top construction equipment maker, continued to expand its presence in China’s excavator market, as the world’s No. 2 economy increased spending on infrastructure, industry sources said Monday. According to observers, Doosan Infracore sold 769 excavators in China last month, almost doubling from a year [...]
SEJONG, Nov. 10 (Korea Bizwire) — The Saemangeum Industrial Complex is set to produce an annual 30,000 tons of lithium – one of the key materials for electric-vehicle batteries – starting in 2020. Lithium manufacturer Lithium Korea will use 165,000 square meters of land at the Saemangeum Industrial Complex to begin the production of lithium in [...]
SEOUL, Nov. 9 (Korea Bizwire) – LG Corp., the holding firm of South Korea’s family-controlled conglomerate LG Group, said Thursday it has decided to purchase a 24.7 percent stake in a trading unit to renovate its governing structure. Under the plan, LG will purchase privately-owned shares of LG International Corp. from major shareholders, including LG Group Chairman Koo Bon-moo. The deal is estimated at 296.7 billion won (US$265 million), with the price per share standing at [...]
SEOUL, Nov. 9 (Korea Bizwire) — Samsung Electronics Co. said Thursday it will start mass production of Qualcomm Inc.’s new server processors manufactured with the 10 nm production process for the first time in the industry. Under the foundry deal, the South Korean tech giant said it will produce the Centriq 2400, which is aimed [...]
SEOUL, Nov. 7 (Korea Bizwire) — LG Electronics Inc. said Tuesday it is preparing for all possibilities amid concerns that the United States may come up with tougher protectionism policies against foreign home appliances. Washington’s International Trade Commission concluded last month that washing machines produced overseas by South Korean firms, including LG Electronics, are hurting [...]
SEOUL, Nov. 6 (Korea Bizwire) – SK Holdings Co., the holding firm of South Korean energy and telecoms conglomerate SK Group, said Monday that it has decided to invest a combined US$60 million in two North Americanfashion brands in a bid to diversify its revenue sources. SK Holdings said it will make the investment in Canada-based Mackage and U.S.-based fashion firm Alice+Olivia. The latest deal follows the purchase of a stake in a Chinese meat-processing firm last month. SK Holdings did not reveal the [...]
SEOUL, Oct. 26 (Korea Bizwire) – South Korean steelmaker POSCO said Thursday Thursday its third-quarter profit almost doubled from a year earlier onhigher demand for steel products. Net profit for the July-September quarter soared to 907 billion won(US$806 million), up 91 percent from 476 billion won a year earlier, the company said in a statement. Operating profit climbed 8.8 percent on-year to 1.13 trillion won in the third [...]
SEOUL, Oct. 26 (Korea Bizwire) – Korea Aerospace Industries Co. (KAI), the country’s sole aircraft manufacturer, has named a former audit and inspection official its new chief executive after its former head stepped down in July over a corruption scandal. KAI held a board meeting on Wednesday to appoint Kim Jo-won, who worked at the Board of Audit and Inspection [...]
SEOUL, Oct. 25 (Korea Bizwire) – Automakers Renault Samsung and GM Korea found themselves on opposite ends of the spectrum in a listing of manufacturing plants with the highest productivity, per the ’2016 Harbour Report’, derived by utilizing HPU figures (Hours Per Unit) provided by global consulting firm Oliver Wyman. Renault Samsung’s Busan-based manufacturing plant [...]