Warren Buffett-owned firm invests $98m in Korean chip plant
The IMC Group, which is owned by superstar investor Warren Buffett’s Berkshire Hathaway Inc, has agreed to build a semiconductor materials facility in Daegu, South Korea.
The plan is to build a facility to produce tungsten powder, which used in the production of special gases for semiconductors. It will be handled by IMC's subsidiary Endmill, an aerospace equipment maker.
This is not Israel-based IMC's first foray into South Korean manufacturing. In 2008, it invested 100 billion won in TaeguTec, a milling and metal cutting tools maker.
"With this investment, we aim to become a leading global supplier of semiconductor materials and supply tungsten powder to various industries,” said IMC Group President Ilan Geri.
"TaeguTec and IMC Endmill are success stories of foreign investments in our city. We will spare no administrative or policy support for the companies so they can grow as leaders in the global semiconductor materials market,” said Mayor Hong Joon-pyo