Taihan Cable to invest $716 million to build second submarine cable factory

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Taihan Cable to invest $716 million to build second submarine cable factory

Published: 18 Nov. 2024, 18:39

KIM JU-YEON
[email protected]

From left, Dangjin Mayor Oh Seong-hwan, South Chungcheong Governor Kim Tae-heum, Hoban Group Chairman Kim Sun-kyu and Taihan Cable & Solution Vice Chairman Song Jong-min pose for a photo after signing a memorandum of understanding (MOU) to construct Taihan's second submarine cable plant in Asan Industrial Complex in Dangjin, South Chungcheong. [TAIHAN CABLE & SOLUTION]

Electric wire company Taihan Cable & Solution will invest 1 trillion won ($716 million) to build a second factory for submarine cables in an industrial complex in Dangjin, South Chungcheong, to match increased global demand for the wires.

The plant will produce high voltage direct current cables with up to 620 kilovolt capacity and submarine cables for external networks, the firm said Monday. Construction is set to be completed in 2027.

Taihan will receive administrative and financial support from the South Chungcheong and Dangjin governments for the construction of the plant in Asan Industrial Complex as agreed upon in a memorandum of understanding (MOU) signed with the local administrations.

In exchange, the company promised to prioritize the area’s residents for employment, spur consumption of the region’s agricultural produce and create a family-friendly company culture.

Its parent company, Hoban Group, also signed the MOU to pledge continued support for Taihan’s offshore wind power business.

The Asan Industrial Complex houses all of Taihan’s domestic production facilities, including its first submarine cable plant. Construction for the first phase of the factory, which is currently operating, finished in May and its second phase for expansion is set to end in the first half of 2025.

BY KIM JU-YEON [[email protected]]