BGF EcoMaterials to partner with Hwaseung Material for composite materials

BGF EcoMaterials, a materials unit of the BGF Group, said on Friday that it has signed an agreement with Hwaseung Material, a fine chemical company, to jointly develop future composite materials and eco-friendly materials.

The two companies decided to work together on developing functional composite materials that can replace metal auto parts given the focus of the automobile industry is shifting toward electric vehicles from internal combustion engine-powered cars.

In addition, they plan to collaborate in the development of eco-friendly biomaterials that would reduce carbon emissions.

In the mid- to long-term, the two companies are also planning to create an R&D strategy council that can preempt the market through the commercialization of materials thus developed.

A BGF Group official said, "Through the latest strategic alliance, we will be able to lay the foundation for mutually sustainable growth, such as technological innovation and business area expansion." "We will continue to aggressively invest in R&D as well as build a cooperative system between the same or different industrial sectors to further enhance our status in the overseas market beyond the home market," he added.

Write to Dae-Kyu Ahn at powerzanic@hankyung.com