South Korean cutting tool supplier Taegutec said it wants to expand its foreign sales quota to 75% by 2015 from the 65% recorded last year.
Speaking with journalists Monday at the opening of the company’s second plant in Daegu, South Korea, Jacob Harpaz, president and CEO of Taegutec parent IMC, declined to discuss the cost of the highly automated, 22,000 square metre expansion but said the facility will help the company meet rising interest in Taegutec products. “It’s an investment to double our production to supply our large demand.”
At a presentation attended by some 2,500 visitors on hand for the factory inauguration, Harpaz told the crowd of local and international customers and dignitaries that the company has watched demand for its cutting tools double over the past two years. “That’s why we built this factory.”
Harpaz said Taegutec parent IMC ranks second in the world among manufacturers of cutting tools for metal behind Sweden’s Sandvik. He told visitors that cutting tools currently comprise 71% of Taegutec sales, a jump from 47% in 1999. The company also manufactures metal powders and industrial products.
Speaking to ETMM, Taegutec President Moshe Sharon said demand for cutting tools remain strong in many regions. “There is nice growth in Germany,” he noted. “We are seeing good growth in Asia and the US.” He added that some regions of Europe are displaying good demand but declined to discuss areas performing less well.
The all-day celebration included a tour of the new factory, presentations of traditional dances and music as well as more modern fare: Two of South Korea’s top pop acts, 4Minute and Sistar, performed for guests at the evening dinner.