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KT&G has opened a new cigarette plant in Indonesia, lifting its annual production capacity in the country to 35 billion sticks and making it the company’s largest overseas manufacturing base. The facility in Pasuruan, East Java, completes KT&G’s production network across five countries — South Korea, Indonesia, Russia, Kazakhstan and Turkey — as the company shifts more output overseas. KT&G CEO Bang Kyung-man attended Tuesday’s opening ceremony alongside Adhy Karyono, secretary-general of the Ea
LS Electric has signed an agreement with Nanya Plastics and KHI, affiliates of Formosa Plastics Group, to establish a joint venture for power infrastructure in Taiwan. The signing ceremony, held Tuesday at LS Yongsan Tower in Seoul, was attended by LS Electric Chairman Koo Ja-kyun, Formosa Plastics Group Chairman Wang Jui-yu, Nanya Plastics Senior Executive Vice President Chen Yu-sheng and KHI CEO Park Dong-sub. LS Electric will hold a 50 percent stake in the venture, with Nanya Plastics and KHI
South Korea’s industry minister said Tuesday that a proposed Alaska liquefied natural gas project carried added strategic value for the country’s energy security, especially after the war in the Middle East, while reaffirming that any Korean participation would have to make economic sense. Industry Minister Kim Jung-kwan made the remarks during a parliamentary audit of the Ministry of Trade, Industry and Resources, responding to a question from Rep. Choi Soo-jin of the ruling People Power Party
Hyundai Motor Group is closing in on Ford’s position as the third-largest automaker in the US, with strong hybrid sales putting a potential third-place finish on an annual basis within reach. Hyundai Motor and Kia outsold Ford in July and August, building a lead of more than 15,000 vehicles over the two months. But sustaining that momentum could become harder as Washington relaxes fuel economy rules, giving US rivals more room to focus on their profitable gasoline-powered SUVs and pickups. The c
Samsung Electronics is turning more to China’s BOE for TV panels, with purchases forecast to double this year as the Korean company reshuffles its LCD suppliers. The shift comes as BOE Chairman Chen Yanshun reportedly plans to visit Korea next week to meet Samsung Electronics CEO Roh Tae-moon. Neither company has announced the meeting, but local media reports citing industry sources said TV LCD supply and pricing are expected to be on the agenda. Samsung is projected to buy 4.4 million TV LCD pa
S-1 Corp. is a small part of Samsung’s sprawling business empire. But an activist investor’s bid for Samsung affiliates’ stakes in the security company poses the question: When should a conglomerate’s companies sell their holdings in one another? Singapore-based Flashlight Capital Partners brought that question into focus in August, offering 906.6 billion won ($675 million) for the S-1 shares held by five Samsung affiliates: Samsung SDI, Samsung Life Insurance, Samsung Fire & Marine Insurance, S
Samsung Biologics’ labor union is seeking to bring Samsung Electronics into its prolonged wage dispute, demanding direct negotiations on personnel and compensation policies it says the chipmaker effectively controls. The union said Tuesday it had sent a bargaining request to Samsung Electronics, which holds a 30.92 percent stake in the biopharmaceuticals company as its second-largest shareholder. It argues that Samsung Electronics’ influence over those policies qualifies it as an employer under
Doosan Robotics said Tuesday it had secured two major Korean government R&D deals to build South Korea’s first physical AI manufacturing platform by embedding domestic semiconductors into collaborative robots. The government-backed projects will receive 68.1 billion won ($50.7 million) in subsidies through the Industry Ministry and the Industry Ministry and the Korea Planning & Evaluation Institute Industrial Technology, with Doosan providing another 30.8 billion won. For the first project, Doos
LG Electronics will supply an integrated digital cockpit for Renault Group’s new Trafic Van E-Tech Electric, expanding its automotive technology business as manufacturers shift to software-defined vehicles. The electric van, named the 2027 International Van of the Year, is Europe’s first commercial software-defined vehicle, according to LG. LG’s cockpit combines a digital instrument cluster and infotainment system, bringing driving information, navigation and media functions into a unified inter
Hyundai Glovis said Tuesday it has teamed up with US logistics firm Liberty Global Logistics to explore whether car carriers powered by small modular reactors could be commercially viable on routes between South Korea and the US. The logistics arm of Hyundai Motor Group said it signed a memorandum of understanding with Liberty Global Logistics to jointly assess the operation of pure car and truck carriers powered by SMRs on routes linking the two countries. The agreement was signed Sept. 30 at L
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