Fullerton Clears Way for Garment Plant
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A South Korean garment manufacturer hoping to open a finishing plant in Fullerton won the city’s support this week.
The Fullerton City Council in a special session Thursday voted unanimously to give the California Statewide Communities Development Authority permission to issue $4 million in federal and state tax-free bonds to help finance the project.
K.U.M. Ltd., a subsidiary of Kum Kyung Ltd. of Seoul, intends to open the plant in Fullerton early in 1993. Hyong Byun, K.U.M.’s chief operating officer, said the plant would employ about 100 workers, 80% of whom would use computerized sewing machines to add fine details and embroidery to women’s clothing manufactured at the company’s plant in Costa Rica.
The bonds will go on sale Monday, said Daniel Bronfman, a vice president at Union Bank in Los Angeles. The 30-year bonds will have a variable rate and will be underwritten by Smith Barney, Harris Upham & Co., he said.
The city of Fullerton assumes no risk or liability for the bonds, Bronfman said.
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