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[Alpha Biz=(Chicago) Reporter Kim Jisun] Samyang Holdings will complete its production plant in Hungary and expand its market share in Europe. It was the first Korean pharmaceutical bio company to establish a medical device manufacturing plant in Hungary.
Samyang Holdings Biofarm Group held a ceremony in Gödöllő, Hungary, on the 13th (local time) to mark the completion of its biodegradable suture plant.
The newly completed suture factory is located in the Goedalo Industrial Complex, 30 ㎞ east of Budapest, the capital of Hungary. It invested about 28 billion won on a site of 36,000㎡ and was built with a total floor area of 6,700㎡ and can produce up to 100,000㎞ of suture yarn per year as of 25 years when the facilities are fully equipped.
Samyang Holdings plans to expand its production capacity to 200,000㎞ per year by increasing investment in accordance with market conditions.
More than 90% of Samyang Holdings' total suture sales come from overseas exports, of which Europe is a key market that accounts for about 30% of its export volume. In order to enter the European market in earnest, the company established a Hungarian subsidiary of Samyang Biopharm in Hungary in 2019 and plans to expand its market share in the European market by using the completed production plant as an outpost.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
