Amidst all the ecommerce influence, South Korea’s paper and pulp industry is going to be revamped again.
South Korea’s paper and pulp industry will be undergoing another restructuring water in 2020. Amidst the challenges from the environmental campaign to reduce paper usage and growing demand for delivery boxes due to the e-commerce influence, there are loads to come.
As per the industrial sources for latest paper industry news, Hankuk Paper MFG Co. and Asia Paper Manufacturing Co. submitted their bids for the nations No.3 paper maker Seha Corp. Their main auction has been scheduled as early as this month.
The business outlook of the paper industry has been growing through a rapid changed regardless of the demand for every type of paper. This excludes boxes which are diminishing due to environmental concerns. The Korean government has sought after ease rules for mandate issuing of paper receipts commencing this year. This is an encouragement for the companies to replace the process with electronic receipts.
The country’s top white paper manufacturer, Hankuk Paper is focusing on business diversification to the falling demand. This came to limelight after taking over Won Chang Corrugated Packaging last November. During October 2019, local clothing manufacturing Sae-A Trading gained the nations top box paper maker Tailim Packaging and its subsidiary Tailim Paper.
Market sources apart from the industry’s small players like Jeonju Paper, Youngpoong Paper MFG and Monalisa owned by private equity funds would be put on the market for sale this year. Shipping Paper MFG suspended its white paper manufacturing plant in Pyeongtaek this month, and Daewang Paper also closed down its factory in Gunpo and filed for bankruptcy in July last year.