[Asian Economy] KCMT to target Southeast Asia with 'First Mover' to sign LCS main contract in Philippines
2023.08.23
- KCMT Plans Preemptive Response to Explosive Global GFRP Market Outlook
- Expansion of Philippine production facilities, local agreements, institutional cooperation and exports to Southeast Asia.
On the 22nd (local time), Kim Joon-young, CEO of KCMT, who signed a contract with LCS Group in the Philippines and is taking pictures while shaking hands, and Sabitsinson, chairman of LCS Group in the Philippines (second from left).[KCMT provided]
KCMT, an eco-friendly rebar alternative production company, announced at 11 a.m. on the 22nd (local time) that it signed a main contract with LCS Group, a large Philippine company, to build a Keco (GFRP Bar) production facility in the Philippines, secure use certification, produce, import, and export to Southeast Asian countries.About 10 officials from both companies attended the signing ceremony, including KCMT CEO Kim Joon-young and Philippine LCS Group Chairman Sabitsinson.
Regarding the background of the contract with LCS Group in the Philippines, KCMT explained, "It is essential to build and secure production facilities to further strengthen the leadership in the rapidly growing GFRP Philippine construction market and actively respond to the rapidly changing GFRP construction market in Southeast Asia."
Keco, the world's first eco-friendly rebar replacement using waste plastic bottles that upgraded the existing GFRP Rebar, is receiving love calls from the global construction market as a construction material that improves productivity, reduces costs, and is safe from major disasters.
A KCMT official said, "The KEco plant in the Philippines will begin production in earnest in the second half of 2024, and the LCS Group is also considering further expanding the plant's production capacity through phased facility improvement."Through this, KCMT plans to preemptively respond to demand from the Philippine construction market among the explosive global GFRP markets and lead the Southeast Asian construction market with a "first mover."
LCS Group is a large Philippine holding company with more than 10 affiliates operating in the aviation, defense, telecommunications, mining, transportation and entertainment businesses, including real estate development.The LCS Group established a Korean corporation in 2021 and is currently focusing on the Ilocos Surju comprehensive development project and the Metrowork development project, the largest single complex development project in the Philippines.
