Toray Group to invest $365mn to expand Gumi plant complex

[Courtesy of Toray Industries Inc.]

Toray Industries Inc. will invest 500 billion won ($365 million) to expand facilities at the Gumi National Industrial Complex by next year.

Toray Industries and Toray Advanced Materials Korea Inc. signed a memorandum of understanding (MoU) with the Ministry of Trade, Industry and Energy, North Gyeongsang Province, and the city of Gumi to invest in fields of high-performance carbon fiber, aramid fiber, and eco-friendly materials.

Last year, Toray Advanced Materials Korea decided to scale up fiber production at Gumi Plant 4. Following the expansion, the plant‘s annual capacity will increase from 3,300 tons to 8,000 tons.

Toray Advanced Materials Korea announced plans to increase the annual capacity of its dry-spinning aramid fiber production facility at Gumi Plant 1 to 3,000 tons.

The expansion will allow the company to boost its annual production capacity to 5,000 tons.