South Korea-based Lotte Energy Materials Co Ltd will invest an additional RM2.3bil to expand the production capacity of its copper foil plant in Kuching's Samajaya Free Industrial Park.
Lotte Energy acquired the copper foil manufacturing facility from ILJIN Materials Co Ltd, which has invested about RM3bil in the plant that commenced operations about four years ago.Lotte Energy chief executive officer Kim Yeon Seop briefed Sarawak Deputy Premier and International Trade, Industry and Investment Minister Datuk Amar Awang Tengah Ali Hasan on the company’s new investment and expansion plan for the copper foil plant during a recent meeting in Seoul.
The JV is expected to be established in the first half of 2024 and the new 11,000-tonne plant is scheduled to be completed and commence production in 1H26.OCI, via its wholly-owned unit OCIM Sdn Bhd, acquired from Tokuyama two manufacturing plants that produced semiconductors and solar-grade polysilicon in 2017.
According to the Deputy Premier, another South Korean electronic component manufacturing firm, lLJIN Display Co Ltd, is eager to invest in a manufacturing plant in Sarawak to produce LED sapphire wafers for high-end consumer electronics. Established in 2002, the ILJIN Display sapphire division is expected to grow steadily as sapphire wafers are applied not only to LED for mobile devices, LED TVs and lighting devices but also to various other applications such as cover glasses, wearable glasses and micro-LEDs in mobile products.
“SK Earthon is enthusiastic in the new opportunities promoted by the Sarawak government and will explore and evaluate the possibilities to invest in Sarawak not only in the O&G activities but also in other areas such as manufacturing,” added Awang Tengah in a statement after meeting the company’s president and CEO Seong Myeong.
This, he said, is also in line with Sarawak’s Post-Covid Development Strategy 2030 that promotes economic prosperity, social inclusivity and environmental sustainability.
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