Various stories of activities brought to you by Hyosung TNC
Hyosung Chairman Cho Hyun-joon has decided to make a proactive investment in spandex production to widen gap with rivals as the world’s No.1 manufacturer, expanding the Group’s factory in Turkey to make a foray into the premier market in Europe.□ Hyosung TNC to invest KRW 60 billion in Turkey to increase production capacity 15,000 tons On November 2, Hyosung TNC said that it would build a factory with a capacity of 15,000 tons a year in Cerkezkoy, close to Istanbul, Turkey, by investing 60 billion won by July next year. Upon completion of the factory, the company’s spandex production capacity in Turkey will increase to about 40,000 tons a year. The decision is based on Mr. Cho Hyun-joon’s judgment that the Group needs a more proactive investment to gain the upper hand in the global clothes market, particularly the European market, which has recently shown a sign of recovery.The businesses in Europe reduced their production and put off introduction of new products to the market amid the continued shutdown due to COVID-19; thus, they are in a state of inventory shortage. Hyosung TNC expects to meet the textile demand worth KRW 750 trillion in the recovering market with the expansion of its production capacity. Commenting on the matter, Mr. Cho Hyun-joon said, “We need to solidify our position as the world’s No.1 manufacturer, widening the gap with rivals, strengthening our dominance in the European premium market with the expansion of our production facilities in Turkey, which serves as a production base of Europe.” Hyosung TNC has strengthened its market dominance in Europe through the expansion of the factory in Turkey, which was built in 2008, twice. The company has supplied goods to European customers, displaying advantages over rivals in the following factors: △ prompt delivery based on geographic advantage; △ ability to meet customized needs of customers; and △ sheer technological prowess to fit premium market. □ Global spandex demand growing 6 - 7% a yearAccording to Business Wire, the global leader in press release distribution, the global spandex demand grows 6-7% a year versus 2-3% for ordinary textile. In the COVID-19 era, home wear and athleisure wear are in the spotlight in the global apparel market. They are those that meet the needs of consumers, who spend more time at home for telecommuting or the like. The demand for spandex clothes is also increasing, as they are easy to wear. It is expected that trends like this will continue even in the post-COVID-19 era. Meanwhile, Hyosung TNC has maintained its position solidly as the world’s No.1 spandex manufacturer. It operates a global network of factories as follows: those in China opened in 1999; those in Turkey for the European market; those in Brazil for the U.S. and Latin American markets; those in India for newly emerging Asian countries; and those in Vietnam for the entire Asian continent.
A total of 77 articles have been added for reading.
Hyosung donated a 1 billion won love-thy-neighbor fund to the Community Chest of Korea/The Fruit of Love Foundation in Jung-gu, Seoul on December 7.Donated jointly by Hyosung Corporation, Hyosung T&C, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical, the fund will be spent for the provision of support for women from less-privileged households trying to land jobs and for those striving to strengthen their self-reliance. “All of us had a difficult time in 2020 due to COVID-19. We hope that the little something we donate makes our less-privileged neighbors feel warm and have courage to improve their lives in the New Year,” Hyosung Chairman Cho Hyun-joon said, commenting on the matter. Meanwhile, Hyosung engages in a variety of social contribution activities under the slogan “We’ll share what we have with you.” In February this year, the Group donated 500 million won, along with medical supplies, as part of the campaign to cope with the situation caused by the pandemic through joint efforts. In August, the Group donated 300 million won to flood victims. The Group also provided financial support for the creative activities of the artists working at Jamsil Creation Studio, a place of creative works for disabled artists specializing in visual arts. Recently, the Group provided support for the production of online ecological education contents by the foundation People for Earth as part of social contribution efforts in environment-friendly sectors.
Hyosung donated 40 million won to the “2021 Warm Winter Contactless Fundraiser” hosted by the Mapo-gu Office on November 19. It was a donation for the underprivileged in Mapo-gu District, home to the headquarters of the Hyosung Group, as part of its efforts to fulfill its corporate social responsibilities to the local community. The donation is intended to help the disadvantaged in the district with their emergency living expenses, medical expenses, housing expenses, or education expenses. The “2021 Warm Winter Contactless Fundraiser” was broadcast live on the “my MAPO Mapo-gu” YouTube account. The annual event had been held offline for nine years before it was offered online this year due to the COVID-19 pandemic. “If you go alone, you can go fast; but if you go together, you can go far. Hyosung will always seek to grow together with its neighbors,” Hyosung Chairman Cho Hyun-joon said. Meanwhile, Hyosung is hosting the “Share Rice of Love” event and the “Share Kimchi with Neighbors” event on November 24 for low-income residents in Mapo-gu District in a contactless way. Every year since 2006, Hyosung employees have volunteered to deliver rice and kimchi to the needy personally. This year, the event is held in a non-face-to-face way due to the pandemic.
Hyosung Chairman Cho Hyun-joon has decided to make a proactive investment in spandex production to widen gap with rivals as the world’s No.1 manufacturer, expanding the Group’s factory in Turkey to make a foray into the premier market in Europe.□ Hyosung TNC to invest KRW 60 billion in Turkey to increase production capacity 15,000 tons On November 2, Hyosung TNC said that it would build a factory with a capacity of 15,000 tons a year in Cerkezkoy, close to Istanbul, Turkey, by investing 60 billion won by July next year. Upon completion of the factory, the company’s spandex production capacity in Turkey will increase to about 40,000 tons a year. The decision is based on Mr. Cho Hyun-joon’s judgment that the Group needs a more proactive investment to gain the upper hand in the global clothes market, particularly the European market, which has recently shown a sign of recovery.The businesses in Europe reduced their production and put off introduction of new products to the market amid the continued shutdown due to COVID-19; thus, they are in a state of inventory shortage. Hyosung TNC expects to meet the textile demand worth KRW 750 trillion in the recovering market with the expansion of its production capacity. Commenting on the matter, Mr. Cho Hyun-joon said, “We need to solidify our position as the world’s No.1 manufacturer, widening the gap with rivals, strengthening our dominance in the European premium market with the expansion of our production facilities in Turkey, which serves as a production base of Europe.” Hyosung TNC has strengthened its market dominance in Europe through the expansion of the factory in Turkey, which was built in 2008, twice. The company has supplied goods to European customers, displaying advantages over rivals in the following factors: △ prompt delivery based on geographic advantage; △ ability to meet customized needs of customers; and △ sheer technological prowess to fit premium market. □ Global spandex demand growing 6 - 7% a yearAccording to Business Wire, the global leader in press release distribution, the global spandex demand grows 6-7% a year versus 2-3% for ordinary textile. In the COVID-19 era, home wear and athleisure wear are in the spotlight in the global apparel market. They are those that meet the needs of consumers, who spend more time at home for telecommuting or the like. The demand for spandex clothes is also increasing, as they are easy to wear. It is expected that trends like this will continue even in the post-COVID-19 era. Meanwhile, Hyosung TNC has maintained its position solidly as the world’s No.1 spandex manufacturer. It operates a global network of factories as follows: those in China opened in 1999; those in Turkey for the European market; those in Brazil for the U.S. and Latin American markets; those in India for newly emerging Asian countries; and those in Vietnam for the entire Asian continent.
Hyosung was certified anew on 28th as an exemplary entity in ‘the provision of support for culture/arts at a ceremony’ hosted by the Ministry of Culture, Sports, and Tourism (MCST).This year marks the sixth anniversary of said certification following the enactment of the Act on the Revitalization of Support for Culture and Arts in January 2014. The certification is hosted by MCST and sponsored by the Arts Council Korea (ARTCO). ARTCO selects such exemplary entities through the evaluation of diversity, continuity, and operating system of mecenat (patronage) movement carried out by businesses. The certification is valid for three years. This year, 13 businesses including Hyosung were recertified.Hyosung has provided positive support for the culture/art sectors as part of its diverse social contribution activities, including its support for ‘Yoyoma & Silk Road Ensemble’ led by world-famous cellist Yoyoma, Onnuri Love Chambers -- an orchestra composed of young people with development disability -- and ‘Jamsil Creation Studio’ for disabled artists specializing in visual arts.“We wish to build a society where more people can access culture/arts more easily and share the joy of enjoying them with each other through continued support for them,” Hyosung Chairman Cho Hyun-joon said.
Jamsil Creation Studio, which receives financial support from Hyosung, is holding an exhibition “The Value Linked Together” at the Seoul History Museum at Seosomun Historical Park from Oct. 16 until Nov. 4. The said event will display the works created by artists working at Seoul Foundation for Arts and Culture and as part of a mentoring program for disabled children. Hyosung has provided financial support for creative activities of the artists working at Jamsil Creation Studio run by the Seoul Foundation for Arts and Culture and exhibition of their works over the past three years as part of the mecenat (patronage) movement. The Group has provided a total of KRW 200 millon (including 100 million won this year) to them. The number of the artists receiving the support comes to about thirty. Jamsil Creation Studio is a place of creative works for disabled artists specializing in visual arts. It is the only one of its kind in the country. Each year, it selects 12 disabled artists who need a space for making their creative works through open competition. It has identified a total of 130-plus artists. Hyosung official said, “We will continue to strive to foster environment for talented disabled artists. We hope what little help provided by us can energize the culture/art circles, which are having a hard time due to COVID-19.
HYOSUNG President Cho Hyun-sang said on October 8 that he has taken part in the ‘Flower Bucket Challenge’, a relay campaign designed to help horticultural households experiencing hardship due to COVID-19. Mr. Cho Hyun-sang took the relay baton from CEO Lee Tae-sung of Seah Holdings, purchased air-purifying plant pots from a horticultural farm in Seoul, and presented them together with KF-94 face masks for COVID-19 to 100-plus office-cleaning and facility management employees and security guards at the corporate buildings in Mapo/Banpo, Seoul."I’m glad to take part in the ‘do-good’ campaign designed to provide support for horticultural households currently experiencing hardship due to COVID-19. I hope what little support provided by us can go a long way in bringing happiness to these people who are working hard for the Company. I always appreciate these employees who are doing their best to protect the Company and other employees from the pandemic,” the HYOSUNG President said. He vowed to do what he could together with the employees to overcome the current difficult situation soon. Mr. Cho Hyun-sang, who heads the HYOSUNG Volunteer Service Corps, has engaged in a variety of social contribution activities. As an acquaintance of world-famous cellist Yo-Yo Ma, he has arranged a ‘Yo-Yo Ma & Silk Road Ensemble Teaching Class’ to be held in the country since 2009 to provide members of ‘Onnuri Love Chambers’, an orchestra composed of young people with development disability, with an opportunity to learn from Mr. Yo-Yo Ma. He, along with HYOSUNG employees, has also taken part in Good Samaritan activities for less-privileged people every year including such activities for ‘Young Nak Aenea's Home’ in Seoul. Meanwhile, he will be the first runner of the in-house relay campaign Thank you! Cheer Up! to be launched this month. The campaign seeks to express gratitude to team leaders of the Group’s affiliates for striving amid the unfavorable business situation.Mr. Cho Hyun-sang has handed over the relay baton of the Flower Bucket Challenge to Hyundai Motor Vice Chairman Chung Eui-sun, President Park Ji-hun of LEEHAN, and President Kim Dong-kwan of Hanwha Solutions.
