Latest News Israel

KOREA’S POSCO SIGNS AGREEMENT SEEKING ISRAELI R&D

Share |
Thursday, November 4th, 2010

Pohang Iron and Steel Company, Korea’s fifth largest conglomerate
also known as Posco, joined Israel’s Global Enterprise R&D Cooperation
Framework. Posco, today the world’s second largest steel producer and
ranked 272nd in the Fortune 500, is both the first Korean firm as well as
the first company from Asia to join the Israeli framework.
The steel giant, which also invests in R&D through its privately held
Postech university, considered one of Asia’s best technological
institutes, first came to Israel in 2008 through the Korea-Israel
Industrial Research and Development Foundation (KORIL).
Posco is exploring Israeli innovations in the water technology and
renewable energy sectors.
Posco was established in 1968 to supply metal to the then struggling
Korean economy, and grew along with its booming car, boat and
electronics industries. In 2008, the company, which employs about
30,000 worldwide, reported revenues of $28.8 billion, of which $2.5
billion net profit.
The Global Enterprise R&D Cooperation Framework encourages
cooperation in industrial R&D between multi-national companies and
Israeli start-ups. MNCs that have so far taken advantage of this
program include: GE, Oracle, Microsoft, IBM, Intel, Merck, BT, Coca
Cola, and others.