Greene Tweed to open new facility in Korea
New manufacturing plant is a strategic growth investment in the region, bringing enhanced supply chain stability to the semiconductor industry.
Greene Tweed, a leading global manufacturer of high-performance thermoplastics, composites, seals, and engineered components, has revealed its investment plans for a new manufacturing facility in Cheongju-si, Chungcheongbuk-do, Republic of Korea.
Greene Tweed is investing in Korea to support the continued growth of the global semiconductor industry. The company plans to manufacture some of the most widely adopted and advanced elastomer seals that consistently enable reliable performance and meet the most demanding specifications and standards. The facility is expected to start production in early 2024. The new manufacturing site will enable Greene Tweed to increase global capacity, enhance its business continuity plans, and help improve lead times and responsiveness for their global customers.
“Greene Tweed has a history of investing to support future growth that enables the company's long-term operational capabilities & continued innovation, and increases our capacity to facilitate our customers' growth. This new Korean manufacturing site will help enable our customers’ technology roadmaps and growth plans,” said Magen Buterbaugh, President and CEO.
The groundbreaking ceremony for the facility is planned for June, with construction estimated to be completed in early 2024. The new facility will combine Greene Tweed’s technologies with advances in automation to manufacture products at the high standards that customers demand and expect. While the facility may eventually produce additional product lines, the new capacity will initially be dedicated to Greene Tweed’s Chemraz® product line, a leading brand for sealing solutions to semiconductor, energy, and industrial markets.
“The facility will focus on creating value and improving delivery time to customers. Over the last few years, the instability in the global supply chain has been every customer’s top priority. Greene Tweed continues to prioritize our customers’ needs by investing in technology and operation efficiency. We are excited to continue growing our capacity and capability to better support the global demand for our products,” says Thyag Sadasiwan, Business Unit Director - Chemraz®.
The announcement of the investment was made by Allon Bloch, Chairman of Greene Tweed, at a forum hosted by the US Chamber of Commerce’s US-Korea Business Council, with Yoon Suk Yeol, President of the Republic of Korea. The company would like to thank the Ministry of Trade, Industry and Energy, as well as the Korea Trade Investment Promotion Agency for their support of this project.