TANAKA Kikinzoku Kogyo K.K., which operates the TANAKA Precious Metals manufacturing business, announced that TANAKA Kikinzoku Korea Co., Ltd. was established in Seoul, Korea on November 10, 2022, as a new base for sales strategy in Korea and will start operating as a new company as of April 3, 2023.
In the past, because the base operated in Korea as a branch of TANAKA Kikinzoku Kogyo, a Japanese company, it was necessary to carry out transactions and sales with customers in Korea as a Japanese company. As a result, there were restrictions on transactions in Korea, such as limitations on projects that could be handled due to the inability to use the local currency.
Effects of Establishment
Through the establishment of this overseas subsidiary, it will be possible to conduct transactions with customers in Korea as a local company using the local currency (the Korean Republic won). This will allow the subsidiary to transact directly with customers in Korea, making transactions smoother and more vibrant, such as allowing delivery of products after completing import customs clearance. In addition, by being positioned as a branch of a Japanese company in the past, the base was not qualified to participate in tenders such as for projects from Korea’s national policy research institutes and waste recovery for precious metal recycling. By establishing the base as a Korean company, it will be possible to bid in Korea for projects using plating equipment and various materials for national research as well as petrochemical catalyst waste recovery. As a result, it is expected that the scope of transactions in Korea will expand significantly.
By establishing the branch in Seoul, Korea, as an overseas subsidiary, TANAKA Kikinzoku Kogyo strives to carry out transactions in Korea more smoothly. At the same time, the company will meet the needs of local customers by further expanding the scope of products that can be offered. In addition, as a focus area after the establishment of the subsidiary, besides waste recovery and precious metal recycling centered on platinum, a new entry into the market for precursors will be sought, among other things, to further expand business in Korea.
Overview of Subsidiary
– Company Name: TANAKA Kikinzoku Korea Co., Ltd.
– Officers: Yasutaka Ihara, Representative Director (part-time); Lee Jun Seok, Director (full-time); Toru Shoji, Director (part-time); Shigeyuki Kamiya, Director (part-time); Akihito Sato, Corporate Auditor (part-time)
– Location: #901 OPULENCE Bldg., 254, Seocho-Daero, Seocho-Gu, Seoul 06647 Korea
– Established: November 10, 2022
– Number of employees: 19 (including 4 expatriates)
– Activities: Imported sales and manufacturing of TANAKA’s precious metal industrial products (materials and components); sales of plating solutions and provision of engineering services to customers; industrial/consumer waste recovery and collection
– Capital: 1 billion won (approximately 103 million yen)
– Shareholder: TANAKA Kikinzoku Kogyo K.K. (100%)