South Korea's Ministry of Trade, Industry and Energy approved business restructuring plans for two companies — DK Co. and PCIO Co. — at the 54th Business Restructuring Plan Review Committee meeting on Wednesday.
The two companies plan to invest a combined 48.1 billion won ($35.4 million) and hire 99 new employees over the next five years as they carry out their restructuring.
DK Co., a home appliance manufacturer, will develop cooling plates — a key component for EV batteries and energy storage systems (ESS) — as it moves into the battery parts market.
PCIO Co., a network security firm, will develop new AI-based technology to compress video data and integrate it with its existing security solutions, supplying a unified platform to the security market.
Kim Ju-hun, civilian chair of the Business Restructuring Plan Review Committee, praised companies pursuing restructuring to adapt to rapid shifts in the economic environment and technology. "The government must also continue to strengthen its support so that corporate restructuring efforts can succeed," he said.
A ministry official said the government would continuously expand incentives — including restructuring consulting, research and development support, and fund assistance — "so that companies can produce results as quickly as possible through proactive business restructuring."
oskymoon@heraldcorp.com
