SY Panel builds plant in Nepal

SY Panel CEO Hong Young-don

By Lee Hyo-sik

SY Panel, a maker of sandwich panels and other construction materials, has decided to build a plant in Nepal to capitalize on the nation’s ongoing reconstruction work following a 2015 earthquake.

The company, listed on the tech-heavy Kosdaq market, said Tuesday that it plans to complete the construction of the envisioned manufacturing facility this year. Korea’s No. 1 sandwich panel producer also plans to use the Nepalese plant as a base to enter India, Pakistan and other South Asian countries.

“We will build a plant in Nepal as quickly as possible to supply sandwich panels and other construction materials to facilitate the nation’s recovery efforts from the devastating earthquake,” a company spokesman said. “In the near future, we will also tap into India, which is the largest construction market in the region.”

In February, SY Panel, headed by CEO Hong Young-don, acquired a 30-percent stake in a consortium that has been building a steel processing plant in Vietnam, for 5 billion won ($4.5 million). The envisioned facility will process steel plates for a wide range of household appliances and construction materials.

“Our sandwich panels have gained huge popularity among businesses and consumers across the globe for their high quality,” the spokesman said. “We operate panel plants in China, Indonesia and Vietnam to meet growing demand there, fueled by booming real estate markets.”

The demand for panels that are effective insulators will increase at a robust pace as people prefer to live in energy-efficient homes, according to the spokesman, who said the company will continue to invest more on research and development activities.

SY Panel has also begun shifting its focus to other more value-added building materials, according to the spokesman.

“Investing in the steel processing plant in Vietnam is part of such efforts. We will continue to build plants abroad and tap into more foreign markets,” he said.

Founded in 1994, SY Panel earned 310 billion won in sales with a 9 billion won operating profit in 2016. The enterprise operates 11 plants in Korea, employing 700 workers.