Taekwang Industrial to Make Early Cash Payment of 18.9 Billion KRW to Partner Companies
Supporting 270 Small and Medium-Sized Partner Companies
Full Cash Payment of 18.9 Billion KRW
Total Early Payment Reaches 124 Billion KRW
Mutual Growth Loan Fund Expanded to 50 Billion KRW
Taekwang Industrial announced on the 17th that, ahead of Chuseok, it would make early payments in full by cash for goods payments, totaling approximately 18.9 billion KRW, to 270 small and medium-sized partner companies.
This measure is aimed at easing the burden on partner companies whose demand for funds increases before the holiday due to purchases of raw and subsidiary materials and wage payments. Partner companies in the textile and petrochemical sectors that are struggling due to the recent downturn in the market are also included.
Since Chuseok 2020, Taekwang Industrial has been advancing payment schedules for goods payments ahead of holidays. The cumulative total of early payments, including this round, amounts to 124 billion KRW.
The company has also expanded its mutual growth loan support to lower the financial costs for its partner companies. In July, Taekwang Industrial signed an additional agreement with Woori Bank, increasing the size of the mutual growth loan fund from 10 billion KRW to 50 billion KRW and raising the loan limit per company from 500 million KRW to 1 billion KRW.
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A representative of Taekwang Industrial stated, "In the midst of the structural recession in the petrochemical industry, we have advanced the payment schedule to reduce the financial burden on our partner companies," and added, "We will continue to provide mutual growth support so that we can grow together with our partners."
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