MCM, a subsidiary of Chungho Nais, a major Korean producer of living appliances, announced on October 16 that it has set up M&TE with Toray of Japan. The joint venture is to research, manufacture and sell air filter products.
The initial investment is six billion won (US$5.4 million) and MCM and Toray bear 60% and 40% of the investment, respectively. The joint venture is scheduled to be run for 20 years in Jincheon County, North Chungcheong Province, where MCM is located.
According to Chungho Nais, MCM will combine its know-how in marketing, production and automation with Toray’s filter development and raw material production technology via M&TE. The joint venture is going to expand the scope of its business from filters for use in home air purifiers to automotive filters and industrial air filters.
Established in 2009, MCM has produced water purification filters for use in water purifiers and refrigerators, RO membrane filters, etc. It recorded 46.3 billion won in sales last year. Chungho Nais, which was established in 1993, is the parent company of the Chungho Group. The group, which produces filters and consumer electronics that can contribute to healthcare and environment, has three corporations along with two joint corporations in China.