Hyosung Group, Korea's leading textiles and heavy machinery maker, has agreed with Ulsan city to build a polyketone plant there.

Under the agreement, Hyosung will develop 208,000 square meters of land in Yongyeon-dong to build a research facility and plant that can produce 300,000 tons of polyketone a year by 2021.

It is part of the company's previous pledge to invest a total of nearly 1 trillion won to build polyketone plants in Ulsan city, but it had a hard time finding a site for the new plant.

The company has been building a plant since last year, with the investment of 125 billion won, in the southeastern industrial city. The plant, scheduled to be completed in latter half of this year, will produce 50,000 tons of polyketone.

Polyketone is a new type of plastic and a high-performance thermoplastic polymer.

The value of the engineering plastic market, where polyketone can be applied, is estimated at a 66 trillion won in 2015, with the annual growth rate seen at more than 5 percent.

With the help of the new facility and additional investment, the company predicted that its market share in the industry will rise to more than 30 percent in the long term.

 

koreatimes.co.kr

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