SEOUL, Dec. 2 (Yonhap) -- Toray Advanced Materials Korea Inc., an affiliate of Japan's chemical giant Toray Industries Inc., on Monday said it aims to more than quadruple its sales by 2030 with a focus on fostering new growth engines.
Celebrating its 20th anniversary of the company foundation, Toray Advanced Materials Korea said it is targeting 10 trillion won (US$8.4 billion) in sales and 1 trillion won in operating profit by 2030.
The company logged 2.4 trillion won in sales and an operating profit of 162.6 billion won last year.
To achieve its goals, Toray Advanced Materials Korea said it will first focus on developing materials used in next-generation displays, such as foldables and OLEDs. The company added it also eyes more business opportunities in sectors like new mobility, environmental-friendly products, water treatment and health care.
The company said its R&D center in Seoul, which was completed last month, will serve an important role to bolster its future growth engines.
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