Japan’s Toray Industries Inc is to establish a joint venture company with South Korean water purifier and filter manufacturer MCM Co Ltd for the assembly and sale of air filters.
Jinchun-kun, South Korea-based M&T Engineering Co Ltd (M&TE) will combine MCM’s assembling, processing and automation expertise with Toray’s integrated design and development technology from fibres and filter materials to assembled units, to build a local production operation for high performance filters.
Toray has been producing nonwoven fabric for air filters since 2012 at Toray Fibers (Nantong) Co Ltd (TFNL), its fibre production base in China. M&TE will assemble filters that use TFNL’s non-woven fabric.
MCM, part of the Chung Ho Nais Group, will have a 60% stake in the joint venture, while Toray will invest 40%. The new company will be capitalized at about ¥600 million.
