The South Korean government has approved business restructuring plans for four companies, including Samsung Precision. These firms will transition into new business areas such as future cars, autonomous manufacturing, and eco-friendly ship components.
On July 30, the Ministry of Trade, Industry and Energy held the 53rd Business Restructuring Plan Review Committee meeting and approved the restructuring plans for Samsung Precision Co., Ltd., Mt.H Control Valve Co., Ltd., and two other companies. The approved companies plan to invest a total of 75.4 billion won over the next five years and create 99 new jobs. They aim to expand their business scope into future growth sectors based on manufacturing technologies accumulated from their existing core businesses.
Samsung Precision, a manufacturer of automotive parts, will leverage its brake manufacturing technology to enter the drum brake market for electric vehicles. Pacific X Korea plans to introduce autonomous manufacturing processes and operational systems to enhance product precision and establish a data-driven quality management system.
G-Putech will manufacture integrated servo valves using humidity, temperature, and pressure control technologies. Mt.H Control Valve will produce gas valve trains (GVT) for eco-friendly fuel ships based on its precision processing technology for safety valves used in ships and industrial applications.
The government plans to expand policy support, including research and development (R&D) and financial assistance, to ensure that the approved companies can implement their investment plans as intended. Companies with approved restructuring plans will benefit from streamlined procedures under commercial and fair trade laws, as well as support in taxation, finance, and R&D.
Kim Joo-hoon, the private committee chair, stated, "I highly appreciate the efforts of companies that are swiftly restructuring their businesses for future growth despite challenging external conditions. It is essential that various supports are in place to ensure that the approved plans lead to tangible results in the market."
Moon Shin-hak, the Vice Minister of the Ministry of Trade, Industry and Energy, remarked, "It is more crucial than ever to enhance the efficiency and sophistication of the industrial ecosystem through proactive restructuring of key supply chain companies. We will continue to expand policy support in areas such as R&D and finance to ensure that companies' efforts yield meaningful results."
* This article has been translated by AI.
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