Mitsui & Co. funding to South Korean composite manufacturers

Japan: Hankuk Carbon Co., based in South Korea, has attracted funding of about USD24 million from Mitsui & Co., a Japanese automobile manufacturer. Hankuk Carbon would issue about 29.6 million shares of the company worth USD17.4 million to Mitsui on March 8, 2016. In addition, Hankuk would sell 1.27 shares worth USD7.4 million for business alliance and collaborative business activities. Hankuk Carbon has decided to utilize the USD17.4 million to be raised as its assets. Moreover, the two companies have entered into a joint agreement for composite material processing business in addition to development of lightweight technology for cars and airplanes.

TechSci Research depicts that this agreement would cater to the growing demand of composites materials in the automotive industry. This would further strengthen the market position of the above companies in the automotive sector.

According to TechSci Research report, “India Engineering Plastics Market Forecast & Opportunities, 2018”, the engineering plastics market in India is expected to grow at the CAGR of approximately 13%, in terms of industry revenue. Growth in the automotive industry, electrical and electronics industry and construction industry is driving the demand for engineering plastics across the country.