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THE INVESTOR

Retail & Consumer

Amorepacific to invest W163b for R&D complex

  • PUBLISHED :March 14, 2017 - 10:43
  • UPDATED :March 14, 2017 - 10:43
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[THE INVESTORAmorepacific signed a memorandum of understanding on March 13 to invest 163 billion won (US$142.05 million) for research and development and manufacturing facilities in Yongin, Gyeonggi Province. 


The facilities will be spread over a 524,000 square meter site and construction will begin in 2018 to be completed by 2020. The complex is expected to create over 4,900 jobs and have economic effect of 2 trillion won. 

“Through continuous R&D, we will strive to heighten South Korean beauty industry’s competitiveness and at the same time contribute to improving regional economies,” said Suh Kyung-bae, chairman of the beauty behemoth. 

Amorepacific will also spend 13 billion won and convert a nearby 70,000 square meter site into a park and donate it to the city. 

By Hwang You-mee (glamazon@heraldcorp.com)
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