Expanding Horizons: Tanaka Precious Metals’ Strategic Move into Korea
In the past, the operations in Korea functioned as a branch of Japan’s Tanaka Kikinzoku Kogyo, necessitating transactions and sales with Korean customers as a Japanese entity. This setup imposed limitations on transactions due to currency restrictions and hindered participation in tenders for projects from Korean national institutes.
Effects of Establishment
The establishment of an overseas subsidiary now enables transactions with Korean customers in the local currency, facilitating smoother operations and allowing direct product delivery post-import customs clearance. Furthermore, positioning the base as a Korean company grants eligibility for bidding on projects such as national research initiatives and petrochemical catalyst waste recovery, significantly expanding transaction opportunities in Korea.
Overview of Subsidiary
- Officers: Yasutaka Ihara (Part-time Representative Director), Lee Jun Seok (Full-time Director), Toru Shoji (Part-time Director), Shigeyuki Kamiya (Part-time Director), Akihito Sato (Part-time Corporate Auditor)
- Location: #901 OPULENCE Bldg., 254, Seocho-Daero, Seocho-Gu, Seoul 06647 Korea
- Established: November 10, 2022
- Number of employees: 19 (including 4 expatriates)
- Activities: Import sales and manufacturing of TANAKA’s precious metal industrial products; sales of plating solutions and engineering services; industrial/consumer waste recovery and collection
- Capital: 1 billion won (approximately 103 million yen)
- Shareholder: TANAKA Kikinzoku Kogyo K.K. (100%)
About Tanaka Precious Metals
Founded in 1885, Tanaka Precious Metals has established a diverse portfolio of products supporting various business applications centered on precious metals. As a leading player in Japan’s precious metal industry, Tanaka not only manufactures and sells precious metal products but also deals in jewelry and assets.
With a workforce of 5,225 employees worldwide, Tanaka Precious Metals collaborates across all Group companies to offer a comprehensive range of products and services in manufacturing, sales, and technology development, with consolidated net sales for the fiscal year ending March 31, 2022, amounting to 787.7 billion yen.
Original source from www.asiamanufacturingnewstoday.com
