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 percent and Toray the remaining. The JV contract is effective for 20 years.
MCM founded in 2009 is manufacturing water purifying filters and RO membrane filters. It posted 46.3 billion won in sales last year.By Shin Soo-hyun and Minu Kim