CJ HealthCare, a subsidiary of Kolmar Korea, said Monday it would invest 100 billion won ($84.3 million) into building a new factory to produce IV (intravenous therapy) fluids.
The construction of the new plant will be CJ HealthCare’s first massive investment after being acquired by Kolmar Korea in April last year. The 32,893-square meter factory will be located in the company’s factory site within the Osong Life Science Complex in North Chungcheong Province.
Through CJ HealthCare, Kolmar Korea is building the “Star Business” model, focused on three major areas – cosmetics, pharmaceutical and health/functional foods.
The new factory will be able to produce 55 million saline bags per year. Upon the completion of the factory, CJ HealthCare’s production capacity will increase up to 100 million bags a year.
CJ HealthCare entered the fluid business by introducing “Safe Flex Bag” in Korea in 1992. The company sells normal saline, total parenteral nutrition (TPN), and solutions for special purposes.
“The construction of the new plant aims to supply fluid products smoothly and expand product lines. We will strengthen our production capacity and solidify our position in the market through the investment,” said Byun Hyung-won, executive director at CJ HealthCare.
The company said it plans to complete the construction of the new IV fluid plant by 2020 and begin mass production in 2021.