Molex Korea (President Lee Jae-hun ) has completed the work of building an electronic connector factory in Banwol Industrial Complex in Ansan.

500-plus people attended the work completion ceremony, which was held at 10:00 AM on April 2. Those in attendance included Governor Kim Moon-soo, Ansan Mayor Kim Cheol-min, CEO Martin P. Slark and COO Liam McCarthy of Molex Inc., President Hirokawa Katsumi of Molex’s Northeast Asian Regional Headquarters, Molex Korea President Lee Jae-hun, and members from other relevant businesses.

Korea Molex is a local corporation that was established in May 1984 with the technology and capital of Molex, Inc., which is counted as one of the world’s leading electronic connector manufacturers.

Molex Inc. signed an MOU for the establishment of a factory in Gyeonggi Province during the provincial delegation’s visit to the United States in April 2011 in expectation of a drastic increase in the demand for electronic connectors used in cell phones, LCD, and mobile devices. The company commenced the work in that same year.

Molex invested USD 30 million in its local corporation in Korea. The direct employment effect comes to 404 employees. At present, about 700 employees are working at the local corporation, making Molex Korea the No.1 business in the Sihwa-Banwol Industrial Complex in terms of the number of workers it has employed. Gyeonggi Province Office expects that Molex Korea will make the effect that is equal to the creation of 5,580 jobs, including an indirect employment effect.

The electronic connectors made by Molex Korea hold the second largest market shares in the world based on their technological prowess. Major customers include smartphone businesses and carmakers, such as Samsung Electronics, LG Electronics, LG Display, Hyundai Motor, and Kia Motors (in Korea) IBM, Apple, Sharp, and MOTOROLA (outside of Korea).

The electronic connectors to be produced in the new factory of Molex Korea are essential components for smartphones, LCDs, and mobile devices, which are becoming lighter and slimmer. Another major product of Molex Korea is the intenna, which is an antenna that is installed inside of smartphones. The product is expected to see an increase in sales in connection with the sharp increase in the demand for mobile devices.

Molex’s new investment is expected to bring about KRW 54 billion worth of import substitution effect a month, as Korean electronic product manufacturers will not have to import from Japan. Gyeonggi Province also expects that Molex Korea will go a long way in helping Korean businesses enhance their technological level and price competitiveness through conducting joint technological research with domestic businesses in the same sectors.

Molex was established in 1938 and is based in Illinois in the United States. It garnered USD 3 billion in sales in 2012 and has 35,519 employees. It operates 39 production bases in 16 countries all over the world. Molex Korea has set the example for other businesses to follow by receiving the export medal as a business that exported more than USD 100 million in goods in 2011. As of 2012, it has also been selected as a good place to work at for three straight years.