South Korean company Caris that produces plastic road guardrails and other components of road infrastructure, plans to build a plant in Ukraine for the production of environmentally safe guardrails from recycled plastic.
According to the press service of the Ministry of Economy, following the meeting of Deputy Minister Iryna Novikova with Yu Cheol, the President of Caris Co., it is planned to invest $60 million in the project. The Ministry expressed the hope that the project will be able to take advantage of state support for investment projects with significant investments.
Caris Co. operates in 11 countries of the world, including Ukraine. The company has construction and logistics companies, companies producing innovative materials and components for road construction and traffic safety, as well as an R&D center that has its own patented innovative technologies for the polymer and superhard materials production. In Ukraine, the company was registered at the end of 2019 with an authorized capital of 21 million UAH. And the company has been investing in our country since 2020. Caris Ukraine is mainly engaged in road construction. The ultimate beneficiaries are Yu Cheol and Vladlen Levchuk.
Context. A year ago, Yuzhmash CEO Sergii Voit and Caris Chairman of the Board Yu Cheol signed a memorandum on the production of 5,000 electric buses and 7,800 charging stations worth 23 billion UAH (about $850 million) with a production period until 2023.