Jinhwa Glotech Co. Ltd. has invested 10 million U.S. dollars (80.1 million yuan) this year to triple the size of its Ningbo plant in China, with an annual capacity of 500 presses.
Jinhwa still keeps its R&D center in Korea. Jung-Min Park, general manager of Jinhwa’s overseas sales department, said that the company's Korean plant produces between 900 and 1,000 presses per year. The company is dedicated to researching higher-level technologies (such as all-motors), shortening production cycles and engaging in Silicone molding. Jinhwa's headquarters is located in Chungnam, South Korea. The company established a 8,000-square-meter factory in Ningbo in 2003 and plans to triple its size this year to more than 26,000 square meters, and the number of employees will increase from 100 to 500. Although most of the machines produced in China were intended to supply the Chinese local market, last year the company exported machinery from its Ningbo plant to Vietnam, Indonesia and Russia. He said that this year the company plans to export machines to Italy, and the company will supply machines to Italian plastics manufacturer Sandretto Industrie SPA.
LS Cable Ltd. opened an injection molding machine factory in Wuxi in November and Woojin Selex Co. Ltd. completed the upgrading of its Ningbo-owned plant in the second half of last year, bringing the annual production capacity to 800 machines.
Young Soo Han, chairman of the Korea Synthetic Resin Processing Machinery Industry Association (KPPMIC) in Seoul, South Korea, said that the industry’s profit margins are under multiple pressures, including the low cost of Chinese-made machinery, rising oil and steel prices, and the appreciation of the Korean won against the US dollar. Young Soo Han is also president of HanYoung Nux Co. Ltd., a controller manufacturer in Incheon.
Won Jun You, executive president of KPPMIC, said that South Korea will produce about 10,000 injection molding machines each year. Top executives in the industry say that manufacturing in China can save costs. Jason You, regional manager of overseas injection marketing team at Wanzhou County, LS, said that the labor and other savings made in setting up factories in China can reduce production costs by 30% compared with production in South Korea.
The senior managers representing Korean companies were interviewed at the 2006 International Plastics and Rubber Show held in Seoul, South Korea from March 29th to April 2nd. Most people say they are investing in China to produce low-end machinery that mainly supplies the Chinese market.
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