MCM, an affiliate of ChungHo Nais, a South Korean water purifier manufacturer, and Japan’s Toray Tuesday announced they held a ceremony to launch a joint venture named M&T Engineering (M&TE) in Jincheon, Chungbuk on Monday.

M&TE which will be dedicated to research, manufacturing and marketing of home and industrial air filters expects synergy benefits from the combination of MCM’s marketing, production technology and automation know-how and Toray’s filter development technology and raw material production capability.

M&TE plans to focus on home air filters initially and expand its business scope to include automotive and industrial air filters.

The JV was capitalized at 6 billion won ($5.32 million), with MCM controlling 60 per cent and Toray the remaining. The JV contract is effective for 20 years.

MCM founded in 2009 manufactures water-purifying filters and RO membrane filters. It posted 46.3 billion won in sales last year.By Shin Soo-hyun and Minu Kim