COMPANIES & STRATEGIES - INDUSTRY

Inauguration

“Hidden champion” industry leader Rotarex inaugurates factory in Korea



Philippe Schmitz, Rotarex deputy CEO & director; Crown Prince Guillaume; Rotarex CEO Jean-Claude Schmitz and Luxembourg economy minister Franz Fayot, at the inauguration of Rotarex’s new site in Asan, South Korea, 29 November 2022. Photo: SIP/Julien Warnand

Philippe Schmitz, Rotarex deputy CEO & director; Crown Prince Guillaume; Rotarex CEO Jean-Claude Schmitz and Luxembourg economy minister Franz Fayot, at the inauguration of Rotarex’s new site in Asan, South Korea, 29 November 2022. Photo: SIP/Julien Warnand

Luxembourg industrial player Rotarex inaugurated its factory in Asan, South Korea, on Tuesday morning local time. It’s the first investment in the country by a 100% Luxembourg-owned company.

Covering 7,000m2, the factory and offices--just over a half hours’ train ride from the Korean capital--was possible with an investment of €20m, €1.5m of which was subsidised by the province of Chungchongnam-Do. It took less than one year to complete the project.  

Rotarex, which fêted its 100 years in Luxembourg in September 2022, is a world leader in innovative gas pressure applications, valves, pressure regulators, etc

Economy minister Franz Fayot Franz Fayot (LSAP) admitted that inaugurating “one of our flagship companies’ office abroad is less common”, but named the industry player as one of the grand duchy’s “hidden champions [which] has continuously led innovation around the world.”

Jean-Claude SchmitzJean-Claude Schmitz, Rotarex CEO and founder, told Delano that Asan was selected in part for its proximity to Samsung, a leader in semiconductors, and will serve as a key hub to serve not just the Asian market, where it has 12 branches, but also as a launchpad to the US. Asan is of further interest for 15 companies in total, also operating in the chemical and automotive industries.

At the time of the 100th commemoration in Lintgen, Schmitz explained that despite inflation and rising energy prices, among other challenges, he anticipated €300m in consolidated turnover by end-2022. When pressed on Tuesday, he confirmed this target was still in sight, “and not just due to the medical business,” he added. Indeed, at the peak of the pandemic, Rotarex has increased production of its safety valves from 3,000 to 10,000 per week for respiratory purposes. However, Schmitz confirmed this Tuesday that the growth is across the board.

Rotarex boasts 2,000 employees in 65 countries. The new factory is expected to create 70-90 new jobs.

Members of the Luxembourg official delegation were welcomed with a tour of the site following the inauguration speeches.