Woongjin Coway expects RM30m sales in first year of operation

  • Business
  • Thursday, 30 Nov 2006

KUALA LUMPUR: Environmental home appliances maker Woongjin Coway (M) Sdn Bhd is targeting sales of RM30mil in its first year of operations said managing director James Park. 

He said the company was confident that its products would be well received by the local market. 

"We feel that Malaysian consumers are ready for a paradigm shift in healthy living," he told reporters at the launch of the company on Thursday. 

Woongjin Coway, which is a wholly owned subsidiary of Korean stock exchange listed company Woongjin Coway Co Ltd, manufactures home appliances such as water and air purifiers, bidets and water softeners. 

Park said that the local water purifier market was mature and that the market for air purifiers and water softener was growing.  

The company would initially introduce a selection of its best water filtration systems, two of its air purifiers and its bidet system (electronic toilet seat) into the local market. 

The company was set up in May with an initial investment of RM5.8mil and subsequently doubled to RM11.6mil in November.  

Park said the investment would be used to finance the company's offices in Wisma UOA and Jalan Maarof, Bangsar as well as set up three more offices in Petaling Jaya, Penang and Johor by May next year.  

He said Malaysia was Woongjin Coway's fourth overseas branch after China, Japan and Thailand and that it would be positioned as a regional base for the South East Asia market. 

Going forward, the company has projected a sales target of RM50mil and RM70mil for 2008 and 2009 respectively.  

It hopes to expand its market reach into Singapore, Indonesia and the Middle East during that period.  

It also plans to set up a manufacturing plant within the next three years. 

Woongjin Coway's foray into Malaysia marks an increase in the total trade between Malaysia and South Korea.  

Ministry of International Trade and Industry Deputy Minister Ng Lip Yong, who officiated at the event, said that South Korea was Malaysia's seventh largest trading partner in 2005, with a trading value of RM39.55bil.  

He added that the total trade between the two nations as at September was RM34.6bil.

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