Japanese firm Toray Industries Inc., reportedly plans to invest KRW550 billion ($486m) in its South Korean subsidiaries to expand production of separators for lithium-ion batteries.
The investment plans will see Toray inject KRW400bn into the production of lithium battery separator films plus KRW150bn into boosting coating capacity for battery separators, according to Japan’s Maeil Business.
Toray’s investments will be made through its Toray Battery Separator Film Korea and Toray BSF Coating Korea companies, Maeil Business said. The cash forms part of a total KRW1 trillion the company is pumping in to develop its business interests in South Korea, according to the journal.
Akihiro Nikkaku (pictured), president and CEO of Toray Industries, was quoted as telling Maeil Business his company is making the move to meet expected increased demand from South Korean battery makers such as Samsung, LG and SK Innovation.
Meanwhile, Toray expects to double its sales in South Korea to KRW5tn by 2020 compared to KRW2.8tn last year, Maeil Business said.