TANAKA Kikinzoku Kogyo K.K., which operates the TANAKA Precious Metals manufacturing business, announced that TANAKA Kikinzoku Korea Co., Ltd. will start operating on April 3, 2023. The latter was established in Seoul, Korea on November 10, 2022, as a new sales base in Korea.
Establishing the subsidiary in Korea will invigorate transactions and expand the company’s business. Particularly, it will cover fuel cell catalysts, power semiconductor materials, precursors, and precious metal recycling markets. Particularly, this is true for fuel cell catalysts, power semiconductor materials, precursors, and precious metal recycling markets.
Background of Establishment
Previously, the Korean base of TANAKA Kikinzoku Kogyo operates as a Japanese company and carried out transactions with customers as such. Consequently, this resulted in restrictions on transactions in Korea. Among them include limitations on projects that could be handled due to the inability to use the local currency.
Effects of Establishment
With the establishment of this overseas subsidiary, it is now possible to transact with local customers using the South Korean won. This will allow the subsidiary to transact directly with customers in Korea. Thus, it will make transactions smoother and more vibrant. These include allowing delivery of products after completing import customs clearance.
In the past, as it operates as a branch of a Japanese company, it was not qualified to participate in tenders. Among them include projects from Korea’s national policy research institutes and waste recovery for precious metal recycling. By establishing the base as a Korean company, bidding in Korea for projects using plating equipment and various materials for national research as well as petrochemical catalyst waste recovery is now possible. As a result, the scope of transactions in Korea is expected to expand significantly.
Through the Korean subsidiary, TANAKA Kikinzoku Kogyo will strive to carry out transactions in Korea more smoothly. At the same time, it will meet the needs of local customers by further expanding the scope of offered products. Following the creation of a subsidiary, it will search for new markets for precursors. In addition, the company will focus on waste recovery and precious metal recycling centered on platinum. This strategy aims to further expand business in Korea.