Tanaka sets up South Korea subsidiary
Article By : JCN Newswire
Establishing a subsidiary in South Korea will expand Tanaka's business in the markets for fuel cell catalysts and power semiconductor materials, among others.
Tanaka Kikinzoku Korea, a branch of Tanaka Kikinzoku Kogyo established in South Korea last November 10, 2022, will start operating as a new company effective April 3, 2023. Tanaka Kikinzoku Kogyo operates the Tanaka Precious Metals manufacturing business.
Initially, the base operated in South Korea as a Japanese company. Because of this, there were restrictions on transactions in South Korea, such as limitations on projects that could be handled due to the inability to use the local currency. Also, by being positioned as a branch of a Japanese company, the base was not qualified to participate in tenders such as for projects from South Korea’s national policy research institutes and waste recovery for precious metal recycling.
Through the establishment of this overseas subsidiary, it will be possible to conduct transactions with customers in South Korea as a local company using the local currency, thereby allowing the subsidiary to transact directly with local customers as well as making transactions smoother and more vibrant, such as allowing delivery of products after completing import customs clearance.
It will also enable the company to bid for projects using plating equipment and various materials for national research as well as petrochemical catalyst waste recovery. This is expected to significantly expand the scope of the company’s business in South Korea.
Overall, establishing a subsidiary in South Korea will expand Tanaka’s business in the markets for fuel cell catalysts, power semiconductor materials, precursors, and precious metal recycling.