Government Approves Business Restructuring for Four Companies Including Electric Vehicle and Eco-Friendly Ship Sectors
7.54 Billion Won Investment and 99 New Jobs Planned Over Five Years
Fostering EV Components, Smart Manufacturing, and Eco-Friendly Ship Equipment
The South Korean government has approved business restructuring plans for four companies in the electric vehicle and eco-friendly ship sectors. These companies plan to invest a total of 7.54 billion won and hire 99 new employees over the next five years, transitioning their businesses toward future-oriented industries.
On July 31, the Ministry of Trade, Industry and Energy announced that it had approved the business restructuring plans of four companies—Samsung Precision, Pacific X Korea, Gfutech, and Mt.H Control Valve—during the 53rd meeting of the Business Restructuring Plan Review Committee.
The approved companies plan to expand into future growth sectors based on their existing technological expertise. Samsung Precision, an automotive parts manufacturer, will utilize its brake manufacturing technology to enter the drum brake market for electric vehicles. Pacific X Korea will introduce autonomous manufacturing equipment and operation systems to enhance product precision and establish a data-based quality management framework.
Gfutech plans to produce integrated servo valves with controllers using temperature, humidity, and pressure control technology, while Mt.H Control Valve will leverage its precision safety valve processing technology for ships and industrial use to manufacture Gas Valve Trains (GVTs) for eco-friendly fuel vessels.
Kim Juhun, private-sector member of the Business Restructuring Plan Review Committee, stated, "We highly appreciate the efforts of companies pursuing business restructuring for future growth despite challenging external circumstances," adding, "Comprehensive support should be provided to ensure these approved plans yield tangible results in the market."
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Moon Sinhak, Vice Minister of MOTIE, commented, "Streamlining and advancing Korea’s industrial ecosystem through the proactive business restructuring of core supply-chain companies is now more important than ever," and added, "We will enhance policy support, including R&D and financial support, so that the efforts of these companies translate into meaningful outcomes."
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