[Hyosung News] On June 1, Hyosung switched to a holding company system etc.

2018. 6. 29. 16:24

Group News

 On June 1, Hyosung switched to a holding company system 

On June 1, Hyosung Corporation officially divided itself into five companies, holding company Hyosung and operating companies Hyosung T&C, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical. On June 1, each operating company held its first board meeting since the division and elected executive directors including CEOs. On the day, executive directors for the integrated board for the five operating companies were appointed as well, with experts from various fields recruited as non-executive directors with an aim to increase the objectivity and transparency of board operations.

 Chairman Cho Hyun-joon participates in the 50th Korea-Japan Business Conference 

The 50th Korea-Japan Business Conference took place in Tokyo, Japan for three days starting May 14. The Korea-Japan Business Conference is an annual gathering of major business people intended to promote bilateral economic cooperation between South Korea and Japan. Hyosung chairman Cho Hyun-joon participated in this year's conference to celebrate its half-century of history along with as many as 300 CEOs from both countries, and the attendees at the conference pledged to advance toward the future through economic, talent and cultural exchanges.

 Vietnam's Prime Minister's Office holds a meeting with the executives of Hyosung

On May 23, over 20 Vietnamese dignitaries, including Minister and Chairman of the Government Office Mai Tien Dung, met with the executives of Hyosung on Sebitseom. The Vietnamese delegation and Hyosung’s executives pledged to cooperate and support each other regarding major pending issues including Hyosung’s ongoing projects and new investments in Vietnam, as well as to forge a mutually beneficial relationship by strengthening the ties between the two.

 Vietnam's Binh Dinh Province investment promotion group visits the head office of Hyosung 

On May 29, 20 members of the Binh Dinh Province investment promotion group, including chairman of the Binh Dinh Provincial People's Committee Ho Quoc Dung, visited Hyosung’s Mapo head office and met with company's executives. Binh Dinh Province, located in the south-central part of Vietnam, hopes to attract foreign investors and develop a variety of industries including automobile-related industries and the energy industry. Hyosung’s executives told the Vietnamese delegation that they would consider Binh Dinh as a candidate when reviewing further projects for Vietnam.

 Hyosung R&DB Labs acquires NET certification for its brightness enhancement film 

On May 24, Hyosung R&DB Labs received a NET certification for brightness enhancement film at the NET Certification Awards Ceremony held at the Seoul Palace Hotel in Seoul. NET certifications are awarded to Korean-developed original technologies and those with a strong spillover effect. By developing a brightness enhancement film to which a phosphor has been applied in sheet form in order to improve the brightness degradation problem inherent to ultra-high-resolution displays, Hyosung R&DB Labs has become recognized for its unrivaled technology.

 Each Hyosung-related website gets an update due to the switch to a holding company system 

As Hyosung Corporation switched to a holding company system on June 1, the website of each operating company has been revamped. The websites have been re-designed to reflect the values they share as Hyosung affiliates as well as the characteristics and vision of each operating company. In keeping with the mobile age, each website has been created with an adaptive web approach to show optimized screens to customers, and English and Chinese versions of them will also be created and opened for overseas customers. 

Hyosung Corporation: www.hyosung.com 

Hyosung T&C Co., Ltd.: www.hyosungtnc.com 

Hyosung Heavy Industries Co., Ltd.: www.hyosungheavyindustries.com 

Hyosung Advanced Materials Co., Ltd.: www.hyosungadvancedmaterials.com 

Hyosung Chemical Co., Ltd.: www.hyosungchemical.com

 Morale boost!: the 2018 Hyosung Hanmaeum Athletic Meet takes place 

On May 12, the Hyosung Hanmaeum (Unity) Athletic Meet took place on the Anyang plant’s grass field. Entering its 16th year, the Hanmaeum Athletics Meet was participated in by a total of over 3,000 employees, showing the strength of “One Team Hyosung.” Chairman Cho Hyun-joon and the executives also joined the event, beefing up the employees' morale.  This iteration of the athletics meet provided a range of sports games including football, tug-of-war, and relay as well as a variety of participation programs for the families of employees, letting the participants in the event have a fun time.

 Changwon plant holds a site manager organization revitalization workshop 

An organization revitalization workshop for site managers (foremen and team leaders) took place from May 17 to 18. Eight foremen from the Changwon plant and 58 team leaders (including one from the Sejong plant) convened at Hanwha Resort in Gyeongju and discussed in depth the role of the site manager in improving on-site organization culture and ensuring the observance of the basic rules. Outside instructors were also invited to train the workshop participants in the competencies required of site managers, including communication skills, mindset management, teamwork improvement, and commitment to practice. In the workshop, the Changwon plant pledged to continue making efforts to break down the barriers between low-ranking and high-ranking employees and, in turn, facilitate communication through leadership training for executives, team leaders, and department heads, and organization revitalization training for site managers.

 Executives at ZF, a client of Hyosung Advanced Materials’ Technical Yarn PU and GST, visit the head office of Hyosung 

On May 29, executives at ZF, a client of Technical Yarn PU and PST, made their way to South Korea and visited the Banpo Building and Sebitseom. ZF is a manufacturer of automotive modules, and Hyosung supplies automotive airbag yarn and fabrics to ZF TRW. On this visit, 6 key executives from ZF, including managing director Michael Buechsner, and top executives from Hyosung, including CEO Kim Gyu-young, general manager of strategy Cho Hyun-sang, GST president Park Jae-young, and PU head Lee Han-joo, shared the current status of the two companies’ respective businesses and discussed measures to strengthen their cooperation in the future.

 Hyosung T&S holds its 31st-anniversary celebration and a vision sharing event

On May 24, Hyosung T&S held its 31st-anniversary ceremony and a vision sharing event at the underground auditorium of the Mapo head office. At the founding celebration, the employees were commended for their contributions to the company, with a number of awards including long-service awards, honorary awards, and company motto awards presented to some. At the vision sharing event, the company's vision and future direction were shared, eliciting sympathy from the employees.

 Hyosung Information System PU holds a culture exhibition to much acclaim

For three days starting May 16, Hyosung Information System PU held a painting exhibition for Hyosung employees at the company’s Cheongdam building. The exhibition, which was themed on around “resting,” provided the company’s busy employees with an occasion to recuperate and garnered a great response from them.

 Galaxia Electronics participates in KOBA 2018 

Galaxia Electronics unveiled a new product called Winvision NEO at KOBA 2018, an international broadcasting, audio, and lighting equipment exhibition held for four days starting May 15. Winvision NEO can be installed in various formats at a desired screen size and perfectly maintains colors without any distortion. With the timely release of a series of products that have reflected recent market changes, Galaxia Electronics is now gaining the attention of the industry.

 Hyosung Capital PU conducts good manager duty of care training 

Hyosung Capital PU conducted a good manager duty of care training session for three days starting May 10. A good manager duty of care means a duty that a good manager is obligated to fulfill with care, and it refers to a duty generally required by one’s occupation or their social or economic status. In this training session, manager Kim Yoon-ho on the Compliance Team presented good manager carelessness cases and human error cases that occurred at financial institutions. "As the public role of the financial sector is getting increasingly emphasized, I hope that our employees will also fulfill the duties of good managers in a thorough manner," said PU head Kim Yong-deok.

 Sebitseom holds a festival of abundant spring flowers, attracting visitors

Spring blooms on Sebitseom. The Sebitseom Five-Senses-Satisfaction Spring Flower Festival ended on May 27. It is said that the festival offered an abundance of events that visitors could participate in and enjoy, including Sebit Flea Market and a face painting event. In addition, the festival also featured a flying board world championship and moonlit street performances by indie musicians, providing visitors with an occasion to recuperate.

 Maserati launches the Nerissimo Edition into the South Korean market

On May 29, Italian high-performance luxury car brand Maserati officially released the Nerissimo Edition in South Korea. The Nerissimo Edition, which means “total black" in Italian, is notable for its luxurious finish, whereby the interior and exterior of the car have been fully covered in deep black. Choosing the color black for the car body was also possible in the past, but the Nerissimo Edition goes beyond that and has applied black even to details such as the front grille, window moldings, and door handles, creating overall color harmony. As such, the Nerissimo Edition is evaluated a car in “finished black”.

 The Class Hyosung participates in the Jeju Food and Wine Festival

For two days from May 18 to May 19 at the Jeju Food and Wine Festival, the Class Hyosung showcased to preferred customers a program that offers the opportunity to enjoy premium lifestyles. Themed on food and travel, this year’s program saw esteemed chefs from many corners of the world provide the participating customers with a special gastronomic experience where they could enjoy a variety of flavors concocted from Jeju-produced ingredients, as well as Jeju’s wines and traditional alcoholic beverages, and flight tickets and accommodation to Jeju island were also provided to the customers. In addition, 240 customers were invited to the AMG Speedway opening event which took place concurrently with the opening of AMG Speedway from May 13 to May 14, providing the opportunity to experience high-performance cars on a circuit.

Social contributions

 Hyosung Group's six years’ support for the Medical Rehabilitation and Family Support Project for Children with Disabilities

On May 3, Hyosung Group donated 100 million won to the Purme Foundation to support the Medical Rehabilitation and Family Support Project for Children with Disabilities. Hyosung Group has been supporting this project since 2013 to help children and adolescents with disabilities who cannot receive proper treatment in a timely manner and their families. The funds collected will be used for rehabilitation therapy for children and adolescents with disabilities in low-income families, for education and psychotherapy for their non-disabled siblings, for family trips they will go on with Hyosung employees’ families, and for holding small concerts where their families will be invited to attend. After the delivery ceremony, the employees headed to an amusement park with the families of the disabled children to celebrate Children's Day, and they created happy memories together, partaking in activities such as going on a safari and watching flowers.

 Ulsan plant helps out a one-company one-village sisterhood village with planting rice

On May 24, with the farming season having commenced, employees from the Ulsan plant visited Hyosung’s one-company one-village sisterhood village Joongosan Village, located in Onyang-eup, Ulsan. The 30-odd Hyosung employees who participated in the activity helped out the short-handed villagers planting rice together with them. The Ulsan plant and Joongosan Village have been making exchanges every year since August 2005 when the sisterhood agreement between the two was made. Through volunteer activities such as rice planting and rice reaping as well as by sponsoring parties for the village elders, the company is consistently sharing with local communities and growing together with them. 

 Hyosung T&S delivers briquettes to people in need 

Hyosung T&S conducted a volunteer activity where 10,000 briquettes were delivered to low-income households living and the elderly living alone, who live in energy poverty. The delivery of the briquettes targeted vulnerable people who cannot even use electric blankets due to poor heating facilities and worries about electric bills despite the recent weather conditions where there are huge daily temperature swings. Participated in by employees who have been promoted this year, the voluntary activity saw the employees deliver briquettes to basic livelihood security recipients, elderly living alone, low-income households, and grandparent-headed households, fulfilling corporate social responsibility through the use of their own hands.

 Hyosung’s U.S. subsidiary participates in a half-marathon event 

Employees from Hyosung’s U.S. subsidiary and Hyosung Holdings partook in a half-marathon event. The event is hosted by local YMCAs to raise funds for supporting youth in local communities, and Hyosung’s U.S. subsidiary has been participating in the event since 2015. All participants, including Hyosung U.S. Subsidiary head Terry Swanner, put forth their best efforts and completed the run.

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