Warren Buffett, Chairman of Berkshire Hathaway. /Bloomberg Yonhap News
A company owned by Warren Buffett, known as a stock investment genius, is investing 130 billion won in Daegu to build facilities related to semiconductors.
Daegu City announced on the 11th that it had signed a business agreement with IMC Group, an Israeli metal processing company, to build a semiconductor materials manufacturing plant. IMC Group is a company 100% owned by Berkshire Hathaway, an investment company led by Warren Buffett.
Daegu City and IMC Group plan to build a factory in Gachang-myeon, Dalseong-gun, to produce tungsten powder used in the production of semiconductor special gas worth 130 billion won. Daegu City predicts that as demand for semiconductors, essential for artificial intelligence (AI), self-driving cars, and data centers, increases, demand for tungsten powder, a key material, will continue to increase.
Hong Jun-pyo (left), Mayor of Daegu and Ilan Gary, President of IMC Group/Daegu City
This is not Warren Buffett’s first investment in Daegu through IMC Group. In 2008, the company invested 100 billion won to establish TaeguTec, a metal company, and in 2018, it invested 67.5 billion won to establish IMC Endmill, an advanced cutting equipment company. When this semiconductor material manufacturing plant is built, Warren Buffett’s cumulative investment is expected to reach 297.5 billion won. The investment background is said to have highly evaluated Daegu’s human resources, the outstanding performance of existing investment companies, and the growth potential through the recent Daegu-Gyeongbuk Integrated Airport and Dalbit High Speed Rail.
Daegu City has selected the semiconductor industry as one of the top five industries for the next 50 years and is promoting the development of talent and industrial infrastructure. Recently, it has attracted design companies in the automotive and power semiconductor fields.
Daegu Mayor Hong Joon-pyo said, “Taegu Tech and IMC Endmill are representative companies that have grown together with Daegu thanks to Warren Buffett’s bold investment,” and added, “Through this investment, we will do our best to support Daegu as it is. can become a leading city in the field of semiconductor materials.” .
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