SEOUL– Kumho Petrochemical Group said Monday it will invest 6 trillion won (US$4.8 billion) in existing and new growth businesses, such as electric vehicle materials and biotechnology, over the next five years.
The petrochemical group will spend 3.3 trillion won to cement its leading status in the mainstay petrochemical business and inject 2.7 trillion won into new growth businesses, such as electrified and hydrogen-powered vehicle materials, and rechargeable battery materials, the company said in statement.
“Through this preemptive investment, we will ride out rising uncertainties in the global petrochemical industry and generate jobs to contribute to the society,” the group Chairman Park Chan-koo said.
In the January-March quarter, the group’s main affiliate Kumho Petrochemical Co. posted a 22 percent on-year drop in net profit to 373.29 billion won from 475.57 billion won a year earlier.
The company is the leading player in nitrile butadiene rubber latex and aims to further strengthen its presence in the synthetic rubber and epoxy resin markets.
Source: Yonhap News Agency