Taekwang Group to invest almost $10 billion through 2032

[Source : Taekwang]

Taekwang Group will spend nearly $10 billion over the next 10 years to grow its textile manufacturing to financial service businesses.

The investment will focus on strengthening the business and exploring opportunities for new growth, said Taekwang Group Monday.

The South Korean conglomerate plans to invest 12 trillion won ($9.2 billion) across all its businesses, from textiles and petrochemicals to financial services over the next 10 years until 2032. Its investment is projected to create 7,000 new jobs.

A total of 8 trillion won will be injected into Taekwang Industry, its mainstay unit manufacturing textiles and petrochemical products over the next five years to “maximize” the returns from the investment, said the group.

The group plans to spend 4 trillion on fostering the growth of eco-friendly and other new petrochemicals businesses.

It will spend 2.4 trillion won to ramp up spandex and aramid production and another 1.5 trillion won on grooming new textile business.

For the financial service units’ growth, the group plans to spend 2 trillion won on upgrading database management centers and security systems.

Taekwang Group has been slow in investing for future growth since 2011 when former chairman Lee Ho-jin was arrested for embezzlement and breach of trust charges.

Its insurance unit Heungkuk Life Insurance recently upset the financial market by announcing its decision to delay buying back its dollar-denominated perpetual bonds only to reverse its position a week later.