Auburn, Ala. – City of Auburn Mayor Bill Ham announced at the March 22nd City Council Meeting that HONAM Petrochemical Corporation will establish a manufacturing facility for polypropylene resin materials in Auburn, Alabama. The corporation’s first U.S. manufacturing operation was formed under the name of HPM Alabama Corporation and will occupy an existing facility at 765 West Veterans Boulevard in the Auburn Technology Park North. HONAM Petrochemical Corporation is part of the Lotte Group. With annual revenue of approximately $50 billion U.S. dollars and 35,000 employees, the Lotte Group is the 5th largest conglomerate in Korea. HPM Alabama Corporation will initially invest an estimated $9.25 million dollars and create 30 jobs by next year. HPM will also collaborate with Auburn University for R&D projects.
Governor Bentley stated, “I want to congratulate Auburn and East Alabama for recruiting the U.S. subsidiary of HONAM Petrochemical Company. I wish the company great success with its new operation in Auburn. Knowing the global reach of this company and the exceptional business conditions in Alabama, I truly believe that this is the beginning of a great partnership.”
“Recruiting such a renowned company is a great win for Auburn,” said Auburn Mayor Bill Ham. “For this technology-driven company to occupy an existing facility is particularly rewarding. I would like to especially thank Governor Bentley and the team from the Alabama Development Office who assisted the company in finding a home in Alabama,” Ham added.
HPM Alabama Corporation is a manufacturer of a base material used by injection molding companies. This will add a manufacturing process to the regional economy that currently does not exist. As a result, it will further Auburn’s industrial development strategy to maintain a locally diversified industrial base.
Mr. Young Jin Lee, Director of the Performance Material Unit of HONAM Petrochemical Corporation complimented Auburn as a business location and university town with an exceptional quality of life. “It’s the ideal location for us to establish such a technology-driven production operation. We are grateful for the support from the State, City and Auburn University. Our existing and future customers in all of North America will be supplied from this facility.”
HPM Corporation will produce injection moldable fiber reinforced thermoplastics in Auburn. This new material is protected by numerous patents in South Korea and the U.S., and provides various opportunities to replace metal components. Director Lee explained, “The material shows exceptional stiffness and excellent impact resistance due to the network structure of long fibers. Applications for this material are found in the electronics, construction, automotive and industrial industries, replacing metals and engineered plastics”.
For more information, please contact the City of Auburn Economic Development Office at (334) 501-7270.