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Kiswire Opens R&D Center in Malaysia

08/07/2012 - South Korea’s Kiswire announced plans to invest a further RM1.8 billion to beef up its operations in Johor as it moves to make Malaysia its production hub for high-carbon steel wire products in South-East Asia, after officially opening the Kiswire research and development center and regional headquarters on 31 July.

South Korea’s Kiswire Ltd announced plans to invest a further RM1.8 billion to beef up its operations in Johor as it moves to make Malaysia its production hub for high-carbon steel wire products in South-East Asia, after officially opening the Kiswire research and development center and regional headquarters on 31 July.
The 300,000-sq-ft center known as Kota Kiswire was launched by Deputy Prime Minister Tan Sri Muhyiddin Yassin.
Speaking at the opening, Chol said the additional investment was to raise its annual production capacity to 500,000 tonnes by 2020 from the current 200,000 tonnes.
Kiswire Malaysia is now able to produce the world’s biggest and longest heavy-duty steel wire ropes extensively used in offshore oil drilling and gas industries.
Kiswire Malaysia, which has been in Malaysia for over two decades beginning with its first plant in Pasir Gudang Industrial Complex in 1990, today has 1,200 workers and exports to over 70 countries.
This year, Kiswire Malaysia has also invested some RM410 million in another plant at Tanjung Langsat Industrial Complex to meet rising demand for its products.
Meanwhile, Chul attributed the company’s continued investments in Malaysia to the Malaysian Federal and State Governments’ full support and cooperation for its projects as well as the passion of Kiswire members.
Tan Sri Muhyiddin in welcoming Kiswire’s continued investments in Malaysia, said the company’s investments reflected the company’s confidence and commitment in Malaysia.
Describing the company’s investments as quality investments, he said Malaysia today seeks to attract such investments.
He said South Korea continued to be a major source of FDIs over the past three decades. In 2011, the country emerged as the second largest source of FDIs with approved investments of some RM5.18 billion.