KITZ Corporation announced that it resolved, at a meeting of the board of directors held on March 13, 2023, to establish a subsidiary in Vietnam. Purpose of Subsidiary Establishment: Stainless steel valves are placed as one of the company's priority valve types, considering the constant strong demand. The company will establish a new subsidiary in Vietnam in order to expand the manufacturing capacity of these products, ensure a stable supply, and avoid geopolitical risks with dispersed manufacturing bases, thereby increasing its sales over the medium to long term.

The subsidiary will proceed with the construction of a new factory, which is scheduled to begin operation in November 2024. Overview of Subsidiary to be Established: Name: KITZ Corporation of Vietnam Co. Ltd. (tentative name); Location: Vinh Phuc Province, Socialist Republic of Viet Nam; Description of Business: Manufacturing and sales of stainless steel valves; Date of Establishment: March 2023 (scheduled); Beginning of Business: November 2024 (scheduled); Capital: VND 429,703 million; Investment Ratio: KITZ Corporation 100%.