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Fluonics and Jiaxing Pinghu Economic and Technological Development Zone hold a signing ceremony for an agreement on a semiconductor materials and components project. [Photo/jiaxingren.com]

On Feb 2, South Korean enterprise Fluonics signed an agreement with the Jiaxing Pinghu Economic and Technological Development Zone on a semiconductor materials and components project.

The project, with a total investment of $30 million, will serve as the global production base of Fluonics. It will primarily produce various pipe valve components and pipes for the semiconductor and fine chemical industries. The project will start production in the second half of this year. It is expected to achieve a revenue of more than 250 million yuan ($34.84 million) by 2027.

This is the second South Korean-funded project in Pinghu Economic and Technological Development Zone, following SK's new materials project last November.

Fluonics boasts advanced technology, high quality products, and long-term collaborations with eminent semiconductor companies such as Samsung, SK Hynix, and TSMC.

The project in Pinghu will help Fluonics expand its Chinese market and support the development of its South Korean headquarters.

The project's business covers semiconductors, new materials, chemicals, pharmaceuticals and other fields, which match the industrial direction of the Pinghu Economic and Technological Development Zone.