Hyosung has realized outstanding change and growth in 2018. Let’s look back at the great times of Hyosung for the past one year.
Declaration of a second leap with the launching of the holding company
On June 1, the Hyosung Group was divided into the holding company and 4 business companies for transparent management and reinforcement of global competitiveness. With the launching of the holding company system, the representatives of the business companies began to take care of investors personally and expand the customer network actively. They also reinforced communication with domestic and overseas financial investors by holding conferences, etc. “With the shift to a holding company system, Hyosung will strengthen its competitiveness to win in the global market so that we can increase both corporate value and shareholder value,” Chairman Hyun-Joon Cho said.
Crisscrossing the world for market development from Asia to Europe
In 2018, Hyosung made an effort for win-win growth and development, keeping communication with many nations of the world. Hyosung Advanced Materials decided to establish a new production corporation in Quang Nam Province, Vietnam to expand its global market share of tire cord. Likewise, in February, Hyosung Chemical decided to build a polypropylene (PP) factory as well as propane dehydrogenation (PDH) facilities in Ba Ria-Vung Tau Province in Vietnam.
Hyosung made a borderless global move in 2018 by participating in many international exhibitions -- including Intertextile Shanghai Apparel Fabrics in China and ANEX 2018 in Japan -- to introduce its technology of highly functional fabrics. In Chinaplas 2018, Hyosung made its presence felt once again by targeting the global market with “Topilene,” the world’s No. 1 PP brand. In April, Hyosung participated in SaigonTex 2018, the largest composite exhibition of textile industry in Vietnam, to prove that Hyosung is No. 1 in new textile technology. The other good news was the increase in Hyosung’s market share of tire cord in Asia owing to the reinforcement of global competitiveness with customized strategy for each region. In addition, Hyosung revitalized the low-noise transformer market by improving cost competitiveness through the development of low-noise technology. Hyosung kept winning in the global market with its own technology.
Hyosung has infinite potential with the best technology
The technology of the Hyosung Group in the distribution and coating of fluorescent substance for film with improved luminance was recognized as a new technology, which can improve the display of ultra-high definition TV such as Full UHD TV. In addition, Hyosung received the Korean Engineering Award for the development of the world’s first high heat-resisting, highly elastic Spandex – which boasts of superior elasticity after dyeing at high temperature and processing -- and environment-friendly Spandex set at a low temperature. Hyosung also succeeded in developing the unprecedented continuous polymerization processing of CD PET to lead the world’s textile market with technological power in a new dimension. Moreover, Hyosung continued to support various ideas for environmental protection by holding the Second Contest of Environment-friendly Ideas.
Sharing love and hope with neighbors
The Hyosung Family fulfilled their social responsibility in 2018, too. They delivered rice and fruits in season to the vulnerable social groups living in Mapo-gu through the continuous volunteer work dubbed “Love Rice.” On Armed Forces Day, the whole company cleaned the boundaries of the National Cemetery. In November, the Yo-Yo Ma teaching class was held once again for the young musicians in alienated social groups as part of the support in cultural and art areas.
A corporate culture supporting the joyful life of the Hyosung Family
Hyosung is making efforts to support work-life balance for all executives and employees. With the implementation of the 52-hour workweek system in July, Hyosung has supported various programs for spending time with family: dating while enjoying culture, arts, and education; projects promoting cultural life; and events for parents of workers and participatory classes to encourage work-life balance.
Text | Editorial Office
Illustration | Kim Soo-min