Hanmi Yanghang to build cosmetics and health supplement factory in Namwon

Hanmi Yanghang to invest 19.1 billion won in new production facility at Namwon General Industrial Complex

Hanmi Yanghang, a health supplement company founded in 1967, will build a large-scale cosmetics and health supplement production factory spanning 33,000 square meters at the Namwon General Industrial Complex in Jeonbuk State.

Namwon city said Sunday that Mayor Yang Chung-mo and Hanmi Yanghang CEO Jeong Myeong-su — who also serves as chairman of the Korea Health Functional Food Association — signed a memorandum of understanding to invest 19.1 billion won ($14.4 million) in establishing the new facility at the Saemae-myeon site within the complex.

The investment builds on the company's roughly two years operating a leased cosmetics manufacturing facility at the Namwon Noam Industrial Complex's business center, which officials said laid the groundwork for the expansion.

Having established a strong foothold in the health supplement sector, Hanmi Yanghang has identified cosmetics as a key growth business and has been pursuing a larger dedicated factory to get ahead of rising global demand, including exports to Vietnam and other Southeast Asian markets.

The company also plans to add a new liquid-pouch production line for health supplements at the Namwon site, broadening its product lineup and strengthening its competitiveness across the health supplement segment.

The company, which built its reputation on health supplements, posted solid earnings last year, recording sales of 100 billion won.

The deal carries added significance as the first move-in agreement at the Namwon General Industrial Complex since the Ministry of Trade, Industry and Energy designated it an "opportunity development special zone" in July last year.

"The strong tax incentives and regulatory exemptions offered by the opportunity development special zone are expected to serve as a catalyst for attracting competitive small but strong biotech companies to Namwon," Mayor Yang said. "We are deeply grateful to Hanmi Yanghang for believing in Namwon's growth potential and committing to invest here. We will spare no administrative or fiscal support to help the company settle in and grow into a global enterprise."