Kolon to invest $200 million in aramid production
South Korea’s Kolon Industries, the largest subsidiary of Kolon Group (the company behind Kolon Sport), recently revealed plans to invest almost $203 million (or 236.9 billion won) in the expansion of its aramid fibre production facilities in the city of Gumi, North Gyeongsang province by 2023.
A manmade synthetic fibre, aramid is known for its strength, heat resistance and, therefore, suitability for protective clothing.
As part of the project, which will effectively double the aramid production capacity at Kolon’s Gumi plant to 15,000 tonnes annually, the local governments of both Gumi and North Gyeongsang will also make additional investments, South Korean media said.
It is expected that construction will have a positive effect on "revitalising" the local economy.
