Battery copper foil maker Iljin Materials said on Tuesday that it has received 1.15 trillion won in funding which it will spend to expand the production capacities of its overseas factories.
It subsidiaries IME and IMG have received equity investments worth 600 billion won and 400 billion won, respectively, from private equity firm STIC Investments, the company said.
Iljin Materials itself also issued an additional 150 billion won in convertible bonds, the company added.
Iljin Materials is aiming to expand its annual copper foil production capacity of 60,000 metric tonnes to over 200,000 metric tonnes by 2025.
With its latest expansion plan, its Malaysia factory’s annual capacity will be upped from its current 40,000 metric tonnes to 60,000 metric tonnes, Iljin Materials said.
It formed its subsidiary IMG in June to manage its overseas companies. Its Malaysia company IMM was put under IMG during this process.
IMG also formed its European subsidiary IME in November. Iljin is planning to form another subsidiary in the US called IMA.
Earlier in 2019, Iljin Materials had secured 300 billion won in funding from STIC Investments to expand its factory in Malaysia.