South Korea’s GS Group Opens Electronics Recycling Plant in Tula, Russia

Posted: April 16, 2015 in Econ 101, Free Trade, Technology and Energy

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GS Group opened electronics recycling plant

Apr 16,2015

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In March 2015, the GS Group investment and industry holding company opened the General Satellite obsolete electronics recycling plant in Tula, Russia.
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The launch of the enterprise allows for the creation of an environmental friendly closed-cycle manufacturing and recycling of consumer electronics. The newly implemented project will bring over 100 new jobs to the area.

The decision from the GS Group holding company to open a consumer electronics recycling facility comes from successful experience with the implementation of the national trade-in program focused on owners of the General Satellite set-top boxes. The program beneficiaries have the opportunity to exchange their old version receivers for the new ones with HDTV support by making an additional payment.

GS Group and digital television operator Triсolor TV launched the joint program in 2014. By the end of 2014, over 760 thousand of obsolete devices were taken out of circulation and placed in a warehouse in Tula, Russia. During 2015, it is planned to recycle up to 1.5 million devices, and, with the launch of additional lines, the number is expected to increase to 3.5 million units a year.

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GS Group is a Korean conglomerate. GS comprises GS Holdings, subsidiaries & affiliates including GS Caltex, GS Retail, GS Shop, GS EPS, GS Global, GS Sports and GS E&C among others. The asset size is at 31.1 trillion KRW as the end of 2007 placing GS at the 6th largest in Korea excluding the public business companies.

GS Holdings was incorporated in 2004[1] and officially split from LG Group in 2005, with the Koo family gaining full control over LG Group and the Heo family creating GS Holdings.

In December 2005, the company acquired 70% of the shares of GS EPS Co., Ltd. (formerly LG Energy Co., Ltd.) from GS E&C Corporation and LG International Corp.

The Koo family retained control of the LG Group while the Heo family formed GS Holdings. Convenience stores, and other retail companies which formerly operated under the LG logo were rebranded as “GS”, which, like “LG”, comes from the old name “Lucky Goldstar”.

SOURCE: http://en.wikipedia.org/wiki/GS_Group

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