49 years have passed intensely. Those were the days we have tried to achieve something in its entirety, whatever it may be, rather than have hurried. Businesses we began on an empty ground have borne the fruit of a solid global company, and now the only thing left for us is to advance a little farther and higher. Below, we touch the past and present, the proud traces, which will be the hard foundation for the 100-year company Hyosung.
1962, Opening of independent business era by Chairman Cho Hong-je
Chairman Manwoo Cho Hong-je who had been a major figure for the growth of Samsung Group in its initial phase cleared the partnership to do his independent business and opened the so called ‘Hyosung’ era. Chairman Cho Hong-je put criteria for choosing businesses on development of national economy and took over Chosun Flour Mills, Hankook Tire and Daejon Leathers for full management. After solidifying the foundation basis, he sought to found Tongyang Nylon to enter the basic industries, which was a longtime dream of his.
1966, Foundation of Tongyang Nylon Co.
On November 3rd, 1966 Tongyang Nylon Co. was founded and Hyosung Group was practically born. Later, Tongyang Nylon had grown to be the greatest chemical textile company of Asia just as its name indicated.
1973, Foundation of Tongyang Polyester
Hyosung constructed a plant within Ulsan Plant, and drew joint venture with Asahi Kasei of Japan under the principle that newest facilities would be introduced but its own technical group would take a lead and founded Tongyang Polyester on May 28th, 1973. Consecutively, in 1978, the company succeeded in development of polyester tire cord for the first time in Korea.
1975, Takeover of Hanyoung Industry and development of heavy electricity business
In October of 1975, Hyosung took over Hanyoung Industry through fierce competition and entered the heavy industry business. Later, in 1977, company name was changed to ‘Hyosung Heavy Industries Co.’ on the occasion of completing a large scale plant within the Changwon Machinery Industrial Complex.
1980, Division of Hyosung Group
Chairman Cho Hong-je assigned subsidiary companies to Chairman Cho Seok-rae, Chairman Cho Yang-rae and Chairman Cho Wook-rae, respectively, under the principle of independent management. Chairman Cho Seok-rae took charge of Hyosung Trading, Tongyang Nylon, Tongyang Polyester and Hyosung Heavy Industries, and Chairman Cho Yang-rae took charge of Hankook Tire, and Chairman Cho Wook-rae took charge of Daejon Leathers.
1981, Full-scale Group management by Chairman Cho Seok-rae
Chairman Cho Seok-rae who had been in charge of Group’s managing works through field management took the office of Chairman of Hyosung Heavy Industries in February of 1981 and, at the same time, started to take a full lead of the Hyosung Group.
1996, New start through company name change
On the occasion of the 30th anniversary of foundation, our company sought to change company names along with to establish new visions. First of all, Tongyang Nylon Co. was changed to Hyosung T&C Co., Tongyang Polyester Co. was changed to Hyosung Living Industry Co., and Hyosung B&H Co. was changed to Hyosung Media.
1998, Integration of 4 main companies and overcoming of IMF
Facing the national disaster of IMF Foreign Currency Crisis, our company overcame the crisis wisely with bold innovations. Such main companies of Group as Tongyang Nylon, Tongyang Polyester, Hyosung Heavy Industries and Hyosung Trading were integrated to Hyosung Co., and such good companies of the chemical part as Hyosung BASF and Korea Engineering Plastic, and Hyosung ABB of the heavy industrial part were sold and as a result management stabilization was accomplished.
2000, Determination of the ‘CreoraⓇ’ brand and globalization of spandex
The global brand of the self-developed spandex yarn was determined as ‘CreoraⓇ’. In the same year, our company jumped to world’s top 2 spandex maker with completion of Gumi Plant, and founded a local corporation in the City of Jiaxing, Zhejiang, China. This corporation had grown to be the largest spandex plant in China in 2003 with the production scale of 12 thousand ton. Since then, we have built overseas production network in Vietnam, Turkey and Brazil as well as China, and ‘CreoraⓇ’ has grown to be the global NO.1 brand..
2002, Winning top of the world in the tire reinforcement materials industry
Our company made a long term contract on tire cord supply with Michelin in November of 2011, and pursued globalization in 2003 beginning with Jiaxing, China. Making a long term supply contract with Goodyear in 2006, we prepared a production base in America and established our status as the undisputed world champion of tire cord.
2011, Development of carbon fiber for the first time in Korea
Our company developed the high performance carbon fiber ‘TANSOME(TANSOMEⓇ)’ in 2011 using our own technology for the first time in Korea and, consecutively in May of 2013, constructed a 2,000 ton scale plant in Jeonju to start mass production.
2013, Development of the high performance new material ‘polyketone’
In 2013, our company succeeded in developing the cutting-edge high performance new material polyketone for the first time in the world. Polyketone is an environment-friendly macromolecular new material made from the air-polluting carbon monoxide and has excellent strength and abrasion-resistance.
2014, Opening of the Jeonbuk Creative Economy Innovation Center
In November of 2014, our company opened the Jeonbuk Creative Economy Innovation Center jointly with Jeollabukdo. Jeonbuk Creative Economy Innovation Center is making efforts to activate the Creative Economy eco system.
Written by | Editorial Office
Illustrated by | Noh Myeong-su