The board of Korea’s leading power solutions provider approved the plan on Tuesday, aimed at meeting the growing global demand for electric equipment, especially in North America.
The new investment supplements the 80.3 billion won already allocated in May, bringing the total investment to 100.8 billion won. The expansion is scheduled to be completed by September 2025.
Currently, the plant in the southern port city produces transformers with an annual capacity valued at 200 billion won. With the new investment, this capacity is expected to grow to 700 billion won annually by 2027.
The company has already secured orders for the product through 2026.
According to Global Market Insights, the North American high-voltage power transformer market is projected to grow from $3.9 billion in 2023 to $6.9 billion by 2032.
The facility expansion will include two additional vacuum drying systems (VPDs), new assembly lines, testing facilities, and welding areas.
VPDs maintain transformer interiors at 120 degrees Celsius for 72 hours or more in a high vacuum state, removing moisture. The process maximizes insulation performance and minimizes the risk of transformer failure.
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