This image provided by Kolon Industries Inc. on June 24, 2021, shows the design of a fiber optic cable using its aramid fiber.
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 southeast of Seoul, to 15,000 tons from the current 7,500 tons by 2023.
Aramid is a type of fiber used in making tires, bulletproof vests and optical fiber cables because its tensile strength is five times that of steel. It also can resist heat of around 500 C.
The envisioned expansion comes after Kolon Industries expanded its aramid production capacity by 50 percent between 2017 and 2020.
The company said the investment is designed to proactively meet fast growing demand for advanced materials, including 5G and electric vehicles, and cement its top-tier global status.
“The plant expansion will help Kolon Industries increase its market dominance and create more opportunities as its aramid business is a core growth engine,” a company official said.
Kolon Industries said it is considering making more investments in the aramid business over the mid and long term.
Kolon Industries kicked off its aramid fiber business in 2005, entering the Asian and European markets under the brand name of Heracron. In 2015, the company made forays into the United States and Canada.
(Yonhap)
