Korindo

What Korindo does

Korindo Group is a privately-held Indonesian industrial conglomerate founded in 1969 and headquartered at Wisma Korindo in South Jakarta. It operates a diversified portfolio across timber plantations, plywood and veneer manufacturing, paper production, wind tower fabrication, steel and special purpose vehicle manufacturing, shipping and logistics, financial services, and real estate. The group's core technical and production assets include 524,515 ha of natural forest concessions plus 16,475 ha of industrial plantation forest yielding approximately 2 million tons of timber annually; 400,000 m³/year of plywood capacity across mills in Balikpapan, Pangkalan Bun, and Asiki; 330,000 ton/year of newsprint and 18,000 ton/year of tissue at PT Aspex Kumbong in Cileungsi; and the only wind tower plant in Southeast Asia (Cilegon, Banten), producing ~500 towers (85,000 tons) per year with over 3,000 towers delivered globally. The group's technology stack is built around sustainability certifications (PEFC, SVLK, PHPL, FLEGT), ISO 9001/14001/45001 quality systems, ASME-certified wind tower production, and 100% recycled-paper input for newsprint.

The business model is a hybrid of B2B industrial sales, government contracts, and a small consumer-facing retail layer. Revenue streams span timber/forest products, paper, wind tower hardware, construction and heavy industry, shipping/logistics, multi-finance (PT Clemont Finance Indonesia), general insurance (JV PT Meritz Korindo Insurance with Meritz of Korea), and real estate (Cibubur Square rest area and gas station, 170 ton/day fuel capacity). Go-to-market combines direct enterprise sales for export markets (plywood to Middle East, Japan, Europe, Korea, USA, India, China, Turkey, Vietnam; wind towers globally) with domestic distribution to Indonesian media majors (Kompas, Media Indonesia) and government programs (national textbooks). Pricing is not publicly disclosed, consistent with B2B and government contract structures. The group has 10,000+ employees (2,438 reported in May 2026 including 1,716 temporary workers) and contributes 30-50% of local taxes in Merauke and Boven Digoel Regencies, where it is also a major employer and represents 40% of regional GDP.

Name

Korindo

Legal name

KORINDO Group

Website

https://korindo.co.id

Company type

Private

Founded year

1969

Operating status

Operating

Headcount range

10,001+ employees

Short description

Korindo Group is a privately-held Indonesian industrial conglomerate (founded 1969) operating across timber plantations, plywood, paper, wind towers, steel fabrication, logistics, financial services, and real estate, exporting to global markets and serving Indonesian media and government customers with 10,000+ employees.

Ownership category

akta.pro rank

Product category

Diversified Industrial Manufacturing (Forestry, Paper, Wind Towers, Steel)

NAICS

Lumber, Plywood, Millwork, and Wood Panel Merchant Wholesalers (42331), Lumber and Other Construction Materials Merchant Wholesalers (4233), Lumber, Plywood, Millwork, and Wood Panel Merchant Wholesalers (423310)

SIC

Millwood, Veneer, Plywood, & Structural Wood Members (2430), Paper Mills (2621), Wholesale-Lumber, Plywood, Millwork & Wood Panels (5031)

akta.pro industry

PRIMARYIMAMAIAL

Veneer & Specialty Wood Products Trading

Industrials, Manufacturing & Construction/Paper & Forest Products/Forest Products Distribution & Trading

SECONDARYIMAMAIAD

Engineered Wood Products Distribution (LVL, I-joists, Glulam, CLT)

Industrials, Manufacturing & Construction/Paper & Forest Products/Forest Products Distribution & Trading

SECONDARYEUAEAAAF

Wind Power Plant EPC (Onshore/Offshore)

Energy, Utilities & Environment/Energy Infrastructure & Services (EPC, O&M, Field Services)/Power Generation EPC & Construction

Keywords

• Plywood manufacturing
• Wind tower production
• Paper manufacturing
• Sustainable forestry management
• Industrial shipping services

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Timber and Forest Products: Timber plantation operations and plywood/veneer manufacturing. Produces 400,000 m3 of plywood annually from mills in Balikpapan, Pangkalan Bun, and Asiki. Also produces wood chip (1,000,000 GMT/year), wood pellet (100,000 ADT/year), sawn timber (200,000 m3/year), and veneer (300,000 m3/year).
2. Paper Manufacturing: Newsprint, high bright newsprint, recycled printing and writing paper, commercial printing paper, industrial paper, and tissue products. Production capacity of 330,000 tons/year newsprint and 18,000 tons/year tissue. Uses 100% recycled paper for newsprint.
3. Wind Tower Manufacturing: Wind tower production in Cilegon, Banten producing approximately 500 towers (85,000 tons) annually. Global exports as the only tower manufacturer from Southeast Asia.
4. Construction and Heavy Industry: Steel fabrication (24,000 ton/year), built up beam (12,000 ton/year), plant and steel structure construction, special purpose vehicles (1,500 units/year) for mining industry.
5. Logistics and Shipping: Shipping operations connecting producing locations with import/export bases. Domestic fleet network for cargo, chemical tankers, tug/barge. Oceangoing services for Middle East, India, and Pacific routes. International shipping agency services.
6. Financial Services: PT Clemont Finance Indonesia (CFI) - multi-finance company offering leasing, factoring, and consumer finance. PT Meritz Korindo Insurance - joint venture general insurance company providing coverage for property loss, personal accident, general liability.
7. Real Estate: Cibubur Square rest area and gas station providing one-stop service for fuel, food, shopping, car wash. Sales capacity of 170 tons/day of fuel products including Solar, Dexlite, Premium, Pertalite, Pertamax, Turbo.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Korindo Group is a diversified Indonesian industrial conglomerate that manufactures and sells plywood and veneer (400,000 m3/year), paper products including newsprint and tissue (330,000 MT/year newsprint capacity), wind towers (approximately 500 towers/year), steel fabrication, and special purpose vehicles. The company also operates timber plantations across 206,859 hectares, shipping/logistics services, multi-finance (PT Clemont Finance Indonesia), general insurance (PT Meritz Korindo Insurance JV), and real estate operations including the Cibubur Square rest area.

Product overview

KORINDO Group is a diversified Indonesian industrial conglomerate with multiple business divisions operating across plantation/timber, paper and forest products, construction/heavy industry, logistics, financial services, and real estate sectors. The company operates a multi-product portfolio including KORINPLEX plywood (400,000 m³/year), PT. Aspex Kumbong paper products (330,000 MT/year newsprint, 18,000 MT/year tissue), Korindo Wind Tower (500 towers/year) as Southeast Asia's only tower manufacturer, steel fabrication (24,000 ton/year), special purpose vehicles (1,500 units/year), shipping/logistics services, PT Clemont Finance Indonesia multi-finance services, PT Meritz Korindo Insurance, and real estate developments including Cibubur Square rest area. The company manages 206,859 ha of timber plantations producing 2 million tons annually and operates across multiple Indonesian locations including Kalimantan, Papua, Java, and Maluku regions.

Differentiator

Problem solved

Functional benefit

Brands

• KORINPLEX: Plywood brand recognized for outstanding quality from construction companies and buyers in the Middle East.
• KORINCOAT
• SUPERCOAT
• SMARTCOAT
• Korindo Superform (FFP)
• Korindo Wind
• Korindo Abadi
• Cibubur Square

Products and services

• KORINPLEX Plywood Premium plywood brand exported to the Middle East, Japan, Europe and other countries for over 40 years. Manufactured at three locations in Balikpapan, Pangkalan Bun, and Asiki with annual production of 400,000 m3. For construction, furniture, and industrial buyers.
• Urethane Coated Plywood (KORINCOAT, SUPERCOAT, SMARTCOAT) Urethane coated plywood brands marketed primarily in Japan, leading the UCP market as the only Indonesian UCP manufacturer.
• Korindo Superform (FFP) and Container Flooring Plywood
• PT Aspex Kumbong Paper Products Eco-friendly manufacturer of newsprint, industrial paper, tissue, printing and writing paper. Located in Cileungsi, West Java with capacity of 330,000 MT per year for newsprint and 18,000 MT per year for tissue. Uses 100% recycled paper for newsprint production. For media companies and government textbook programs.
• Korindo Wind Tower Wind tower manufacturing with capacity of approximately 500 towers annually (85,000 tons) at Cilegon, Banten. The only tower manufacturer from Southeast Asia to provide global logistic services, having delivered over 3,000 towers globally (6 Gigawatts). For wind energy companies worldwide.
• Steel Fabrication and Built-up Beam Steel fabrication services under Plant and Steel Structure division. Production capacity of 24,000 ton/year for steel fabrication and 12,000 ton/year for built up beam. Located in Tangerang, Banten on 520,000 m2 area.
• Special Purpose Vehicles Industry-leading special vehicles and transportation equipment for the mining industry including general trailers, heavy duty trailers, mining transportation equipment, logging trailers, tank lorries, wing body trucks, and cargo cranes. Production capacity of 1,500 units/year.
• PT KORINDO Konstruksi
• Pelayaran KORINDO Shipping Services Shipping arm connecting producing locations with import/export bases. Offers domestic fleet network including General Cargo Ships (3,000-8,000 DWT), Chemical Tankers (2,000-8,000 DWT), and Tug/Barge systems. Developing ocean-going services for coal and oil sea transportation.
• Total Logistics Services

Quantifiable outcome

• 50 years of sustainable forest management and conservation in Indonesia
• +5 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• USAID LESTARIcoreStrategic or Co-development Partner · 1 January 2016USAID LESTARI supports Indonesian government to reduce greenhouse gas emissions and conserve biodiversity in carbon-rich and biologically significant forest and mangrove ecosystems. Multi-stakeholder forum established in Boven Digoel, Papua in 2016 for sustainable development at landscape level.
• Global Agribusiness Alliance (GAA)coreStrategic or Co-development PartnerInternational CEO-led private sector alliance committed to tackling environmental, social, and sustainability challenges to improve resilience of farmers globally. Korindo participates to achieve UN Sustainable Development Goal 2: End hunger, achieve food security and improved nutrition, and promote sustainable agriculture.
• Korea Overseas International Cooperation Agency (KOICA)coreStrategic or Co-development PartnerJoint project for Medical Service Improvement for Local Communities in Indonesia. First general hospital in Asiki, Papua established through cooperation between KOICA and Korindo. Hospital expected to improve health indicators in region with poor health outcomes including infant mortality, HIV/AIDS prevalence, and maternal/child health.
• Kampar REDD+ ProjectminorStrategic or Co-development PartnerJoint project between Indonesian and Korean governments to protect peat swamp forest and reduce greenhouse gas emissions in Kampar peninsula, Sumatra. Korindo contributed by spearheading research and project development with research institutions from various sectors.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• CS Wind: Korean wind-tower manufacturer and one of the largest global tower suppliers; directly competes with Korindo Wind for APAC and offshore projects and is a benchmark for Korindo's regional-scale ambitions.
• Musim Mas Group: Indonesian palm-oil and forestry conglomerate with sustainability-certification programs (RSPO/ISCC) and significant concessions in Sumatra/Kalimantan; comparable vertically integrated upstream-to-export model and ESG profile.
• Royal Golden Eagle (RGE) / April Group: Indonesian conglomerate with comparable forestry, pulp/paper, and viscose operations; both groups manage large concessions in Sumatra/Kalimantan and export paper/wood products globally under sustainability-certification programs.
• Sinar Mas / Asia Pulp & Paper (APP): Indonesia's largest pulp and paper producer with vertically integrated forestry concessions and global tissue/paper distribution; competes with Korindo in the same paper-mill and plywood export markets and faces comparable ESG scrutiny.
• Indah Kiat Pulp & Paper (Sinar Mas): Operating subsidiary of Sinar Mas producing printing/writing paper, tissue, and packaging; directly competes with PT Aspex Kumbong newsprint/tissue output in Indonesian and Asian markets.

Emerging players

• Suzlon Energy: Indian wind-turbine OEM with captive tower manufacturing needs; an adjacent peer to Korindo Wind in the APAC wind supply chain and a potential regional competitor for South-East-Asian wind EPC work.
• Trinity Structural Towers: US-headquartered wind and transmission tower manufacturer; competes with Korindo Wind in North American and select global utility-scale projects.

Regional players

• Dai-ichi Vietnam Forest Joint Stock Company: Vietnamese plywood and laminated-wood products producer exporting to Middle East, Japan, and Korea; competes with KORINPLEX and UCP brands in the same end markets and provides regional price benchmarking.
• Barito Pacific: Indonesian-listed conglomerate controlling Chandra Asri Petrochemical and a stake in Star Energy, with historical ties to forestry; operates in the same diversified-Indonesian-conglomerate category and shares Indonesian policy/macro exposure with Korindo.

Broad incumbents

• Siemens Gamesa Renewable Energy: Global wind-OEM with onshore and offshore tower manufacturing footprint; competes with Korindo Wind for utility-scale wind tower contracts and sets the technological benchmark Korindo Wind must match to remain qualified by major IPPs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/KorindoGroup
• YouTubeyoutube.com/channel/UC3GNIW4Jq4tEyj7zOW0k87g
• Facebookfacebook.com/KorindoGroupOfficial
• LinkedInid.linkedin.com/company/korindo
• Instagraminstagram.com/korindogroup_pr

Compliance14 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Korindo