LONDON, ON, CANADA, November 18, 2008
/24-7PressRelease/ -- Hanwha L&C Canada, the newest North American division of Korean-based Hanwha L&C, announces the investment of $10 Million (CAD) from the Ontario Advanced Manufacturing Investment Strategy (AMIS). The funds represent Ontario's commitment to the economic growth and technological advancement of the province. Premier Dalton McGuinty was on hand for the ceremonial presentation alongside Hanwha L&C Canada president, Dr. Daniel Yu.
Ontario's AMIS distributes interest-free loans (for the first five years) to support companies that strengthen Ontario's economy and technological growth. The financing comes at a pivotal time in the development of the $70 million (CAD) Hanwha L&C manufacturing and distribution plant. Construction broke ground at Innovation Park in London, Ontario in January of this year and with the outer shell completed, the facility is on track to begin production of its luxury HanStone Fine Quartz Surfaces line in July of 2009.
Minister of Economic Development, Michael Bryant, comments "Hanwha will help create jobs and prosperity for Ontarians". With construction well underway, Hanwha has already created many new jobs and when the doors open and production begins Hanwha L&C Canada will provide 120 jobs and state-of-the-art manufacturing to the region.
"Hanwha L&C is very excited about being a part of London's and Ontario's overall industrial expansion," states Dr. Daniel Yu, President, Hanwha L&C Canada. "The support we receive from London and the Ontario Province helps to ensure Hanwha's continued development and our North American growth".
"We're very proud to welcome Hanwha to Ontario — their first-ever investment in Canada," states Dalton McGuinty, Ontario Premier. "Their decision helps reinforce Ontario's reputation as the number one manufacturer in North America, and it means 120 families now have hope for a brighter future".
About Hanwha L&C Corporation
Hanwha L&C Canada is a division of the Hanwha Corporation a South Korea-based global conglomerate with 30 affiliated companies and more than $25 billion in annual revenues. The company deals in a diverse range on industries including chemicals, plastics, machinery, telecommunications, biotechnology, finance and building materials.
Since 1952, Hanwha has built a reputation as a leading name in providing innovative building materials. One of Hanwha's surface product lines, HanStone Fine Quartz Surfaces, achieves a perfect blend of beauty, elegance, quality and functionality. Along with its Solid Surface products, Hanex and Brionne , Hanwha offers premium surfacing choices to clients like none other.
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