GS Caltex marks completion of compounded resin plant

GS Caltex, nation’s second-largest refiner, said yesterday it has completed construction of a compounded resin plant in Jinju, South Gyeongsang, after 19 months of work.

The completion ceremony was attended by more than 600 guests, including GS Caltex Chairman Hur Dong-soo and Vice Chariman Huh Jin-soo.

Its latest plant on 67,000 square meters (72,118 square feet) of land can produce 40,000 tons of compounded resin a year, which will bring the company’s total annual capacity to 80,000 tons. Its total annual production is equivalent to 20 percent of the country’s total capacity.

Compounded resins are widely used for automobiles and electronics parts.

GS Caltex said the new plant will create 100 jobs and raise sales about by 100 billion won ($93 million) a year. The affiliate of GS Group aims to produce 240,000 tons of compounded resin worldwide by 2016 with production from its plants in China and the Czech Republic.