Various stories of activities brought to you by Hyosung TNC
Regen (regen®), an environment-friendly fiber brand of Hyosung TNC, has joined hands with the Ministry of Environment (MOE), Jeju Province Development Co., etc. in order to expand the base of environment-friendly market using PET bottles. □ Hyosung TNC, MOE, and Jeju Province have signed an MOU for the establishment of a resources circulation system.Hyosung TNC has signed an MOU with the Ministry of Environment, Jeju Special Self-Governing Province, Jeju Province Development Co., and Pleatsmama on April 13 for the implementation of “Recycling for Rebirth,” an environment-friendly project. “Recycling for Rebirth” is a project aimed at the establishment of a Recycling Eco-system in the Jeju area. Jeju Province Development Co. will collect the PET bottles thrown away in Jeju Province, and Hyosung TNC will produce “Regen Jeju (regen®jeju),” a recycled fiber, using the collected PET bottles based on its recycled fiber manufacturing technology. Pleatsmama Co., Ltd., a startup company that makes environment-friendly bags, is going to produce the final products using the fiber. The bags are planned to be released on June 5. □ “Regen Jeju,” a recycled polyester product, will be made with the waste PET bottles thrown away in Jeju Province. Despite the rapid growth of the global environment-friendly fashion market, the PET bottles collected in Korea were recycled for use as packing materials, etc. rather than production of clothing. Since the fiber used for clothes has to be pulled out in a long length, recycled PET chips with foreign substances cannot be used for clothes. For this reason, the recycled PET materials used for clothes have been imported from Japan, Taiwan, etc. where a good recycling system is established. Samdasoo is going to secure the raw materials appropriate for clothes and bags by collecting waste PET bottles separately in Jeju Province. It is possible to make an environment-friendly bag with 16 pieces of 500ml PET bottles. Hyosung TNC and the Ministry of Environment expect the “Recycling for Rebirth” project to have the effect of import substitution of recycled plastic as well as increase the use of recycled items including PET bottles nationwide. □ Chairman Cho Hyun-joon “will expand eco-friendly businesses implementing Green Management Vision 2030.” “Hyosung has implemented company-wide environment-friendly management according to ‘Green Management Vision 2030.’ We will actively expand eco-friendly products including recycled low-carbon materials in all business divisions and develop new markets,” Hyosung Chairman Cho Hyun-joon said. Hyosung TNC developed Regen (regen®), a recycled eco-friendly polyester fiber, in 2008 for the first time in Korea. The company has also acquired Global Recycled Standard (GRS) certification in the same year for the first time in the world.
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Sebitseom, a cultural space of Han River, announced on April 29 that it is strengthening contactless services in an effort to cope with the coronavirus (COVID-19) pandemic efficiently.Sebitseom has strengthened takeout service according to the guidelines of the government for “social distancing” so that customers can consume the food and beverage of Sebitseom at home with ease and safety.Customers can take out the popular foods of buffet restaurant “Chavit Cuisine” including grilled short ribs, soy sauce-marinated crab, and ox foot soup as well as Korean, Japanese, and Chinese lunch boxes with popular foods including Korean assorted foods, Japanese sushi rolls, and Chinese dishes. “Isola,” the Italian restaurant in Sebitseom, introduced a takeout menu composed of 3 kinds of raw noodle pasta, 2 kinds of oven pizza, and risotto with free soda and French fries. In addition, as part of the “Thanks Challenge” commenced to root for and extend appreciation and respect for the medical staff who are struggling at the sites of COVID-19, Sebitseom is running the “Blue Lighting Campaign” wherein blue lighting, which symbolizes medical staff, is shone every Saturday until May 15th. “We have prepared measures for the safe and convenient use of our services on the island while observing the guidelines of the government for the prevention of the pandemic through social distancing, etc.,” a spokesperson for Sebitseom said.Sebitseom is being operated by Hyosung TNC, and business establishments on the island include high-class buffet Chavit Cuisine, Italian restaurant Isola, dessert café Café Dolce, luxury yacht Golden Blue Marina, Tubester water leisure, FIC convention hall, and casual restaurant Vista.
Hyosung Chairman Hyun-Joon Cho has begun to activate the hydrogen economy by preparing to construct the world’s largest liquid hydrogen factory following a large-scale investment in carbon fiber last year. Hyosung joined hands with the Linde Group, a global chemical company specializing in industrial gas, to establish a value chain encompassing the production and transportation of liquid hydrogen and installation and operation of charging stations by investing KRW 300 billion in all by 2022. For this purpose, an MOU was signed by Hyosung Chairman Hyun-Joon Cho and Linde Korea Chairman Baek-Seok Seong on April 28 at the head office of Hyosung in Mapo, Seoul.□ To expand charging infrastructure by constructing a liquid hydrogen factory with annual production capacity of 13,000 tons in Yongyeon by 2022 As a start, the two companies will build a liquid hydrogen factory on a 30,000㎡ (about 10,000 pyeong)-plus site in the premises of the Ulsan Yongyeon factory of the Hyosung Group by investing KRW 150 billion. The factory will be the largest in the world as a single plant with annual production capacity of 13,000 tons (enough to fuel 100,000 passenger cars). A joint venture will be established by the end of this year to begin construction of the factory during the first quarter of the following year and complete the factory in 2022.The new factory will produce liquid hydrogen by applying the hydrogen liquefaction technology and equipment of the Linde Group to the byproduct hydrogen produced in the Yongyeon factory of Hyosung Chemical. The Linde Group has the best production technology in liquefying high-pressure hydrogen gas.The produced liquid hydrogen can be used not only for cars but also in various mobility areas including drone, vessel, and forklift. As such, it can contribute to the development of related industries.Once the factory is completed, the two companies will invest an additional KRW 150 billion to establish liquid hydrogen charging infrastructure. For the supply of liquid hydrogen, the two companies agreed to develop a cooperative partnership by expanding hydrogen stations to more than 120 (50 new stations, increasing the charging capacity of 70 stations) in major bases in the nation.Hyosung Heavy Industries advanced into the CNG charging system business in 2000, expanding hydrogen charging stations since 2008. Currently, the company has built 15 hydrogen stations nationwide, accounting for 40% of the market share as the No. 1 in the nation.According to Chairman Baek-Seok Seong of Linde Korea, the Linde Group has produced liquid hydrogen in the US and Europe for 30 years and developed various applications including liquid hydrogen station in the mobility area. “We look forward to a significant synergy effect by combining the advanced technology of Linde with Hyosung’s experience accumulated for a long time in Korea,” he said.□ Chairman Hyun-Joon Cho: “Our investment will play a huge role in the development of the liquid hydrogen business and activation of the hydrogen industry.”On this day, Chairman Hyun-Joon Cho said that hydrogen has unlimited potential as an environment-friendly energy that can change the existing economic structure centering on carbon. The core of the liquid hydrogen business being implemented by Hyosung is enabling the storage and transport of hydrogen in an efficient, safe way. “Our investment will play a huge role in the development of the liquid hydrogen business and activation of the hydrogen industry,” he added.□ Expected to play the role of locomotive in realizing the government’s “activation of hydrogen economy” The MOU has great significance since it will make Hyosung have a solid foundation for leading the activation of the hydrogen economy in the mobility area. It has something in common with the government’s “roadmap for the activation of hydrogen economy” announced in January when the government said it will propagate 6.2 million cars by 2040 and prepare 1,200 hydrogen stations.In August last year, Hyosung announced its plan to invest in carbon fiber for the activation of hydrogen economy in the presence of President Moon Jae-in in the Carbon Fiber factory in Jeonju. At that time, Chairman Hyun-Joon Cho said during the agreement signing ceremony that Hyosung will invest approximately 1 trillion won in Jeonju, Jeollabuk-do Province by 2028 and produce 24,000 tons of carbon fiber annually.Dubbed the “dream hi-tech material,” carbon fiber is 10 times stronger than iron while its weight is only one-fourth of iron. Carbon fiber is the core material of the fuel tank of hydrogen cars. Hyosung succeeded in developing carbon fiber in 2011 for the first time in Korea using its own technology, and it is currently putting spurs to the development and supply of carbon fiber for hydrogen fuel tank.□ Easy storage and transportation of liquid hydrogen to increase the operation efficiency of hydrogen stations remarkablyIt used to be pointed out that the Korean market is not very attractive due to the high cost of storage and transportation of hydrogen gas.Hydrogen is liquefied at minus 253 degrees, and liquid hydrogen can be stored and transported easily as its volume is only 1/800 of hydrogen gas. A tank lorry can transport up to 3,500kg of liquid hydrogen, which is 14 times the 250kg hydrogen gas. In addition, the low-pressure liquid hydrogen is safer than the high-pressure hydrogen gas. The operation efficiency of the charging station is also expected to be improved significantly. The time spent for charging a passenger car (5kg) will be shortened by 4 times from 12 minutes for hydrogen gas to 3 minutes for liquid hydrogen. Moreover, the reduced charging time will contribute to the expansion of hydrogen buses and trucks that need much hydrogen fuel (25kg).As liquid hydrogen can be stored in a space smaller than the storage facility for hydrogen gas, it is possible to build a charging station on just 30% of the land of a hydrogen gas storage facility. As a result, the storage facility for liquid hydrogen can be built in the downtown area; thus increasing the access of hydrogen-fueled cars.The business world believes that the bold investment of Hyosung in liquid hydrogen will lead the activation of the hydrogen economy amid the difficult economic situation caused by the coronavirus pandemic.Hyosung Heavy Industries has accumulated the technology and know-how in the area of gas charging for over 20 years after it advanced into the CNG charging system business in 2000. As the Linde Group has unparalleled technology in the areas of production, transportation, and charging of hydrogen, the two companies are expected to have synergy through cooperation.
Regen (regen®), an environment-friendly fiber brand of Hyosung TNC, has joined hands with the Ministry of Environment (MOE), Jeju Province Development Co., etc. in order to expand the base of environment-friendly market using PET bottles. □ Hyosung TNC, MOE, and Jeju Province have signed an MOU for the establishment of a resources circulation system.Hyosung TNC has signed an MOU with the Ministry of Environment, Jeju Special Self-Governing Province, Jeju Province Development Co., and Pleatsmama on April 13 for the implementation of “Recycling for Rebirth,” an environment-friendly project. “Recycling for Rebirth” is a project aimed at the establishment of a Recycling Eco-system in the Jeju area. Jeju Province Development Co. will collect the PET bottles thrown away in Jeju Province, and Hyosung TNC will produce “Regen Jeju (regen®jeju),” a recycled fiber, using the collected PET bottles based on its recycled fiber manufacturing technology. Pleatsmama Co., Ltd., a startup company that makes environment-friendly bags, is going to produce the final products using the fiber. The bags are planned to be released on June 5. □ “Regen Jeju,” a recycled polyester product, will be made with the waste PET bottles thrown away in Jeju Province. Despite the rapid growth of the global environment-friendly fashion market, the PET bottles collected in Korea were recycled for use as packing materials, etc. rather than production of clothing. Since the fiber used for clothes has to be pulled out in a long length, recycled PET chips with foreign substances cannot be used for clothes. For this reason, the recycled PET materials used for clothes have been imported from Japan, Taiwan, etc. where a good recycling system is established. Samdasoo is going to secure the raw materials appropriate for clothes and bags by collecting waste PET bottles separately in Jeju Province. It is possible to make an environment-friendly bag with 16 pieces of 500ml PET bottles. Hyosung TNC and the Ministry of Environment expect the “Recycling for Rebirth” project to have the effect of import substitution of recycled plastic as well as increase the use of recycled items including PET bottles nationwide. □ Chairman Cho Hyun-joon “will expand eco-friendly businesses implementing Green Management Vision 2030.” “Hyosung has implemented company-wide environment-friendly management according to ‘Green Management Vision 2030.’ We will actively expand eco-friendly products including recycled low-carbon materials in all business divisions and develop new markets,” Hyosung Chairman Cho Hyun-joon said. Hyosung TNC developed Regen (regen®), a recycled eco-friendly polyester fiber, in 2008 for the first time in Korea. The company has also acquired Global Recycled Standard (GRS) certification in the same year for the first time in the world.
Hyosung announced on February 27, 2020 that the company recently donated KRW five hundred million and essential medical supplies to the Republic of Korea National Red Cross in order to overcome the COVID-19 (Coronavirus Disease 19) crisis in Korea.Along with the donation, Hyosung also decided to deliver the much-needed emergency medical supplies, including fifty thousand pairs of gloves for medical purposes and three thousand hand sanitizers, to aid organizations dealing with the COVID-19 crisis in Daegu and the Gyeongsangbuk-do area. The financial donation and medical supplies will be used to treat patients with COVID-19 and prevent the disease from spreading.Hyosung Chairman Hyun Joon Cho said, “Together with all our employees, I will strive to overcome the national COVID-19 crisis, which has taken us by surprise,” adding, “In particular, I would like to express my deep gratitude to all the medical personnel who are dedicated to halting the spread of the epidemic at a front-line site.”*About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
Hyosung Group has published its first sustainability report since establishing its holding company, Hyosung Corporation, in 2018.The annual report is largely divided into Focus Issues & Business Cases, Sustainable Management, and Governance. Hyosung has been publishing the Sustainability Report since 2012 to disclose its sustainable management activities and achievements across the economic, social and environmental sectors. The 2020 Sustainability Report is significant in that it is the first one Hyosung has published since it officially launched its holding company, Hyosung Corporation, in June 2018 and placed four corporations, namely Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials and Hyosung Chemical, under its management.In the CEO’s message, Chairman Cho said, “Hyosung will strengthen its sustainable management in order to communicate more effectively with customers, generate social values, and share business outcomes. Together with our customers, we will strive to grow into a 100-year-old company.” The Sustainability Report is available in Korean and English at the Hyosung Group website. *About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
Guided by the leadership of Chairman and CEO Cho Hyun-joon, Hyosung Group is expanding its presence in the European electric power market.Hyosung Heavy Industries, a leading global electric equipment supplier, recently signed a contract with Svenska kraftnät, a state-owned public utility company in Sweden, to provide 420-kilovolt high-voltage circuit breakers, thereby laying the basis for the company’s advance into the northern European market. Hyosung first set foot in Europe in 2010 by signing a contract to provide high-voltage transformers to the National Grid, a multinational electricity and gas utility company headquartered in London.Under the contract with the Swedish utility company, Hyosung Heavy Industries plans to supply 420-kilovolt high-voltage circuit breakers to power substations in southern Sweden.The contract with Svenska kraftnät proves that Hyosung Heavy Industries’ technology and product quality are sufficiently competitive to be recognized by European utility companies, which usually set strict standards for suppliers. Based on this confidence, the company plans to expand its presence further in northern, eastern and western Europe by strengthening its partnerships with local companies in the fields of engineering, procurement and construction.In line with Chairman Cho’s “Voice of the Customer (VOC)” policy that prioritizes customers, Hyosung Heavy Industries has been bolstering its efforts to supply products that meet the needs of customers in terms of technology and quality. The contract with the Swedish utility company is also the outcome of the company’s marketing efforts to promote its high-quality equipment over the past three years.Chairman Cho said, “Taking advantage of our world-top-class technology, Hyosung Heavy Industries will continue to expand its supply of electric equipment in the global market. The company will also strive to become a global “total solutions” provider that offers maintenance and repair services, as well and taking up future energy business and strengthening the VOC policy to ensure that even the smallest customer voices are heard.”It is estimated that the market in Sweden and other European countries will grow at an annual average rate of 5 percent over the next 10 years due to the need to replace or refurbish old power grid and transmission and distribution equipment. The circuit breaker market alone is worth more than 200 billion won, while those for transformers, substations and new and renewable energy are expected to expand rapidly. *About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
