Korea's Taekwang extends timetable for aramid expansion

Seoul – South Korea's Taekwang Industrial has extended the completion timetable for its aramid fibre capacity expansion by two months, pushing the expected completion date to 30 Nov.

The textile and fibre specialist is investing KRW145 billion (€96 million) to expand annual aramid production capacity from 1.5 kilotonne per annum (ktpa) to 5ktpa, according to an amended stock exchange filing issued 30 Sept.

The project will add 3.5ktpa of capacity at its Ulsan facility, targeting growing demand for aramid used in “ultra-high-performance tires for electric vehicles” and reinforcement materials for 5G optical communication cables.

Taekwang said the investment completion date had been extended from 30 Sept to 30 Nov, following previous revisions to the project's timetable.

The investment was originally approved in May 2022, with the company subsequently adjusting its completion schedule.

The latest amendment follows a suspension of work at the Ulsan facility after a fatal industrial accident due to chloroform leak in February.

According to earlier company disclosures, restrictions imposed by labour, environmental and fire authorities were lifted in early April, allowing work to resume from 13 April.

Taekwang said the revised investment completion date represented the expected timing for the completion of “installation work and trial operations”.