Korea Toyo Ink established a wholly-owned ink production company in Jinan. The company is named Jinan Crown Ink Co., Ltd.
The company was established on the basis of an agreement recently signed between Korea Toyo Ink and Jinan Ink Factory. According to the agreement, South Korea leased the plant of the Jinan Ink Factory and purchased equipment from the Jinan Ink Factory, and established a wholly-owned company in Jinan. Original employees of the ink factory will still be appointed by the Korean side.
It is understood that the company will invest 2 million U.S. dollars in the first phase. In 2005, it plans to produce and sell 1,500 tons of ink and realize sales revenue of 35 million yuan. In the second stage, the production scale will reach 10,000 tons, and sales revenue will reach 250 million yuan. Become the export base of Toyo products.