Based on valuable experiences of overcoming many difficult situations during last 50 years, Pangrim, established in 1963, has been famous as a leader of Korean textile industry. It is also true that all enterprises have been recently struggling with the global and domestic economic recession. However, without being discouraged by such recession and with the lesson of "A small mistake can ruin the entire picture ", we, Pangrim recognize it as a chance to renovate the structure of our company. Therefore, all our empioyees and executives will concentrate our all efforts and energy into producing the world best products through the quality management by breaking down of opportunism, the biggest obstade of the company's development.
To support this, about 6 million US dollars has been invested for the past few years in improvement of the facilities in Ansan plant in Korea, our flagship factory. And another 9 million US dollars will be invested for the introduction of hi-tech equipments by replacing the entire obsolete machineries. We will put all of our energy to the manufacture of the better quality products and to the development of new items by deploying our best technicians to our R&D center. Continuous investment will be also carried out for producing eco-friendly products and improving the working environment for the field workers. For our green production relating issues recently emerging globally, we will fuifill our social responsibilities to the global society by our active participation in the environmental improvement. As a part of concrete implementation, we are steadily preparing the pre-requisite for the complete banning the use of all fluorine based water repellents.
On the other hand, a wholly-owned subsidiary, Pangrim Neotex in Vietnam also set this year, 2016 as the first year of another take-off and will invest about 5.86 million US dollars to replace the obsolete processing facilities. We deeply recognize the epoch-making changes in the international commerce including FTA between Korea and Vietnam, FTA between Vietnam and EU and TPP of a multilateral FTA as Pangrim Neotex's opportunity for another take-off so we plan to nurture and develop the local processing plants to our global production bases.
We are grateful to all of our customers who have shown their constant loves to us for the past 50 years. As our company motto is "The customer is our king", we will do our best for the mutual benefits, continuous growth and development.
We would like to express our heartfelt gratitude to our customers again, and wish you all the best.