SEOUL, June 25 (Korea Bizwire) — CJ Cheiljedang Corp., South Korea’s leading food manufacturer, is moving aggressively to expand its ‘white biotechnology’ ventures. White biotechnology refers to replacing the main raw materials of the chemical industry with biomaterials using renewable resources or biological agents such as microorganisms and enzymes. The company recently signed a memorandum [...]
SEOUL, June 24 (Korea Bizwire) — Kolon Industries Inc., South Korea’s top textile and chemical materials maker, said Thursday it will invest some 240 billion won (US$212 million) to double the capacity of its domestic aramid factory. The company said it plans to increase the annual capacity of the plant in Gumi, about 260 kilometers [...]
SEOUL, June 24 (Korea Bizwire) — Samsung Engineering Co., an industrial plant affiliate of Samsung Group, said Wednesday that it had succeeded in producing pipes through smart robot automation. The company revealed that it succeeded in automating the ‘cutting-improvement-welding’ process for frequently used carbon steel pipe spools with a diameter of 4 to 12 inches. [...]
SEOUL, June 22 (Korea Bizwire) — French automotive parts maker Valeo and three other foreign firms have submitted preliminary bids for a controlling stake in automotive thermal management systems and automotive parts maker Hanon Systems, while local players have decided against the move, sources said Tuesday. Valeo, a key rival of Hanon Systems, and German [...]
SEOUL, June 21 (Korea Bizwire) — LG Electronics Inc. and Canadian auto parts maker Magna International Inc. are in the final phase of launching their electric vehicle (EV) powertrain joint venture next month, industry insiders here said Monday, as they review board member appointment plans for the new company. The South Korean tech giant is [...]
SEOUL, June 17 (Korea Bizwire) — South Korea’s leading steelmaker POSCO is likely to post a record operating income for the second quarter of the year on a recovery in global demand, according to market forecasts Thursday. Eight local brokerages’ median estimate for POSCO’s operating profit stands at 1.93 trillion won (US$1.73 billion) for the [...]
SEOUL, June 16 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Wednesday it will develop cybersecurity technologies for remote autonomous ships and smart ships. To that end, the shipbuilder will team up with local cybersecurity companies, including maritime cybersecurity startup DSLAP Company, and Korea University by 2022, it said. The project was [...]
SEOUL, June 15 (Korea Bizwire) — Hyundai Oilbank Co., a major South Korean oil refiner, is set to expand its blue hydrogen business by establishing infrastructure for the collection and reuse of the entire amount of carbons generated during the hydrogen production process. Blue hydrogen features lower carbon emissions by capturing and storing carbon dioxide [...]
SEOUL, June 14 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Monday that it has signed a 1.9 trillion won (US$ 1.7 billion) deal to build a hull of an offshore facility. The deal is part of a total 2.6 trillion won project to construct a floating production, storage and offloading vessel [...]
SEOUL, June 14 (Korea Bizwire) — SK global chemical Co., an affiliate of South Korea’s top refiner SK Innovation Co., will develop a new material for future cars in collaboration with the Korea Smart E-Mobility Association (KEMA). The firm recently signed a deal with the KEMA to promote cooperation in the development of new materials [...]