SHI to construct a new block factory near Geoje Shipyard

Samsung Heavy Industries(SHI) plans to resolve issues relating to a shortage of production facilities in light of the dramatic increase in orders it has experienced in recent years by constructing additional blocks with a 100,000 tonne capacity through the securing of a 280,800㎡ plot of land for a new factory near Geoje Shipyard.
SHI announced its plans to develop the 280,800㎡ plot, which is located in Hannae-ri, Yeoncho-myeon, Geoje City, South Gyeongsang Province (Gyeongsangnam-do), as a block assembly factory by 2010, after the plot was designated as a Special Shipbuilding Agricultural & Industrial Complex.
Samsung Heavy Industries submitted plans to create a factory plot in the Hannae region in September 2006. The municipal government of Geoje City and the government of South Gyeongsang Province both provided their full support, in the belief that the development of the plot was indispensable in terms of enhancing the global competitiveness of the ship building industry and vitalizing the economy of the region.
The development of the factory plot not only served as a favorable rain in a time of drought for the company, which had been suffering from insufficient space, but also is expected to contribute considerably to vitalizing the regional economy, by expanding production by USD 585 million (KRW 550 billion) annually, and by directly and indirectly creating about 6,000 new jobs.
SHI will complete an assessment of the plot and purchase within this year, simultaneously seeking approval for its industrial complex due diligence plan from South Gyeongsang Province, the final stage prior to initiation of the construction project. SHI will initiate construction in early 2008, and complete construction by 2010.