Huons Group breaks ground on first overseas manufacturing plant

Industry

Published: 03 Apr. 2024, 16:34

Huons Group breaks ground on first overseas manufacturing plant

From left, a rendered image of HuM&C's medical container plant in Vietnam; HuM&C officials at a groundbreaking ceremony for its plant in Vietnam [HUONS GLOBAL]

Huons Group broke ground on a medical container plant in Vietnam, its first-ever overseas manufacturing factory.

HuM&C, a medical device and cosmetics subsidiary of Huons Global, said Wednesday that it had held a groundbreaking ceremony on the 1.5-hectare (3.7-acre) site in Thai Binh, Vietnam.

The company is investing a total of 7 billion won ($5.2 million) in the plant.

Construction will be completed within the year, with production is slated to start in the first quarter of 2025.

The factory will have an annual production capacity of 60 million vials and 80 million cartridges, around 70 percent of the firm's total capacity in Korea.

“We will try our best to not make any setback until the production scheduled for 2025,” said HuM&C CEO Kim Jun-cheol. “Through facility investment and mergers and acquisitions, HuM&C will continuously seek for momentum for sustainable growth.”

The Kosdaq-listed company logged a real-time high of 4.8 billion won in operating profit last year, up 174 percent on year. Revenues jumped 36 percent to 48.4 billion won.

Huons Global shares closed at 22,300 won Wednesday, down 0.9 percent from the previous trading day while HuM&C shares rose 1.7 percent to close at 1,162 won.

BY SARAH CHEA [chea.sarah@joongang.co.kr]