SEOUL, South Korea, Jan. 17, 2025 /PRNewswire/ -- On the 16th, KT&G Corporation ("KT&G") (KRX: 033780) hosted a ceremony celebrating the Türkiye factory expansion. The expansion is part of KT&G's efforts to leap to a "Global Top-tier" and to strengthen its global operations.
On the
16th, KT&G celebrated the expansion of its Turkiye factory to fulfill its
goal to leap to a 'Global Top-tier' and to expand its global operations.
Photo
shows major participants of the ceremony held in including KT&G CEO Kyung-man Bang (fourth from right), Tire
District Governor Vural Karagul (third from right), and Korean ambassador to
Turkiye Yeon-doo Jeong (fourth from left)
Around 50 major participants, including
KT&G's CEO Kyung-man Bang, Tire District Governor Vural Karagül, the Korean
ambassador to Türkiye Yeon-doo Jeong, Tire Mayor Hayati Okuroğlu, and President
of Department of Tobacco and Alcohol Uğur Yalçın attended the factory's
ceremony held in Tire, Izmir.
KT&G invested more than $60 million to
install two new high-tech manufacturing facilities. The factory was expanded by
1.5 times and now has a total area of 25,000 square meters. After the
expansion, the Türkiye factory has a total of four cigarette making machines with
a capacity to produce 12 billion sticks of cigarettes annually. After this
investment, KT&G's total investment adds up to $110 million. The expansion
created 60 new jobs, and a total exceeding 200 people will be employed by the
Türkiye factory.
The Türkiye factory will become KT&G's
outpost and core manufacturing facility to meet export demands to the Northern
African and Latin American markets that are showing steady growth.
In 2008, KT&G established its first
overseas factory, the Türkiye factory. KT&G has since continued to fortify
its global operations; currently KT&G is building factories in Indonesia
and Kazakhstan, and the Kazakhstan factory construction will be completed
within the year. KT&G plans to use its global manufacturing basis to create
a completely local value chain that oversees everything from manufacturing to
operations and distribution, increasing its profitability.
The Türkiye factory expansion comes as part
of the growth investment KT&G has announced during the "Future Vision
Declaration Ceremony" in January of 2023. During the ceremony KT&G
presented its mid to long-term vision of becoming a 'Global Top-tier' as well
as its growth strategy of focusing on the three core businesses—NGP (Next
Generation Products), overseas cigarettes, and health functional foods.
KT&G plans to increase the proportion of its global revenue to 50% by 2027.
Kyung-man Bang, CEO of the KT&G, stated
that "the factory expansion has made the Türkiye factory a global hub that
will tow the growth of KT&G's global business and an outpost for a leap to
a 'Global Top-tier', our group's vision for the future" and that
"KT&G will continue to reinforce its competitive capabilities by
investing in the three core businesses and through its readiness for the
future".
Tire District Governor Vural Karagül
thanked KT&G for its investments during his congratulatory speech, going on
to say that "the KT&G factory will contribute to the local economy
while facilitating the sustainable growth of Tire with its environmentally-friendly
manufacturing operations."
KT&G has six global corporations in various locations like Uzbekistan, Türkiye, Indonesia, and Taiwan, and branches in Mongolia, Europe, and China to continuously grow its global business. KT&G is well known for its brand ESSE and BOHEM.
