Various stories of activities brought to you by Hyosung TNC
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.
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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.
More than 10 million people have so far visited My Friend Hyosung (blog.hyosung.com), Hyosung’s official blog. Hyosung is holding an event titled “the 10 Million” from December 17 to 26, 2019 to thank blog visitors and customers. To join the event, you can vote for the content you consider to be the best and leave a comment on the blog. A draw will be held on December 31 to give away prizes including Air Pod Pro, movie tickets, and beverage coupons to 1,000 people. The company has been using the blog as a channel of communication with its customers by offering various kinds of useful information in plain language including Hyosung’s businesses, employees’ stories, and job opportunities. The blog has a total of 4,546 posts, and it has won 5 awards so far including Best Organizational Communication Blog Award at the 28th Korea Communication Awards 2018. Hyosung is the first B2B company to open a blog in 2010, and it is currently operating a Facebook account and a YouTube channel. Hyosung’s passion for communication has been driven by Chairman Hyun-Joon Cho who is keenly interested in communicating with customers. “Hyosung will be a company that listens to customers. The voice of customers is the alpha and omega of our business activities,” Chairman Cho stressed in his inaugural speech. Since taking office as chairman, Cho has been implementing the voice of customer-based principles in all aspects of his business management and personally meeting with global customers as part of his efforts to communicate better with customers. *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 Heavy Industries has secured its first local production base in the US, the world’s largest electricity market. The company announced on December 16, 2019 that it has acquired MEPPI (Mitsubishi Electric Power Products, Inc.), a ultra-high-pressure transformer plant located in Tennessee, US, for USD 46.5 million (approximately 50 billion won).The Tennessee plant will start full-scale production of core-type ultra-high-pressure transformers that are widely used across different industries in the first half of next year. Core-type ultra-high-pressure transformers account for 95% of the total sales in global markets including North America. The facility investment was made in response to the steadily increasing power consumption in the US, expanding new renewable energy industry, and growing demand for replacements for new electric devices due to the outdated local power infrastructure.In addition, with the US government taking increasingly protectionist steps including imposing 40~60% anti-dumping duties on Korea’s major ultra-high-pressure transformer makers, Hyosung found it necessary to have a local production facility and compete better in the US market. The US market for ultra-high-pressure transformers is valued at around 2 trillion won, and Hyosung has forged long-term partnerships with major US power companies since it set foot in the US market in 2001. With the takeover of the Tennessee plant, Hyosung will secure a local production base and consequently ensure a more stable supply of its products to customers. Once production at the US plant becomes full-fledged, Changwon plant, Hyosung’s key production center in Korea, will expand its role as a global technology development center and focus on manufacturing products that are shipped to the Middle East, Asia, and premium markets including Europe.*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.
Polyketone, a new material developed by Hyosung, will be used in water meters. Since polyketone has only 1/200th of brass’s thermal conductivity, a polyketone water meter is far less likely to freeze and burst than a brass water meter. The Waterworks Authority of Seoul purchased 23,000 units of polyketone water meters in September from water meter maker Samsung Measuring Co. A brass water meter and a polyketone water meter were tested under the same conditions at temperature of 20 degrees below zero. The test results showed that the brass meter burst in 53 minutes, whereas the polyketone meter broke after 130 minutes. Recently, the regulations have been revised to require water meters to contain 0.85% or less lead, and the safety standards will likely be tightened further amid the growing possibility of cutting the ratio down to 0.25% Since brass meters have constantly caused controversy over the lead content, polyketone meters that are rust-proof and free of heavy metals elution are gaining ground as an alternative. Furthermore, polyketone made of carbon monoxide (CO) is an environment-friendly, low-carbon material. Carbon monoxide, a major air pollutant, can be reduced by approximately 0.5 tons for every ton of polyketone produced. Hyosung Chemical and Samsung Measuring Co. are in talks with the Seoul Metropolitan City Government to sell more polyketone meters, with the goal of replacing 30% of the annual demand of approximately 2.5 million units each year until 2022. Harrington Place, the apartment brand of Hyosung Heavy Industries, uses polyketone water meters at its apartments. Samsung Measuring, Green Flow, Shindonga Electronics, and Shinhan Mechatronics have supplied the polyketone water meters installed in 12,000 Harrington Place apartment units since 2016. None of the meters installed in Harrington Place apartments have frozen and burst so far. Hyosung Chemical is actively seeking to develop global markets by participating in international trade fairs. Hyosung Chemical and Samsung Measuring also took part in IFAT India 2019 -- a trade fair for water, sewer, waste, and recycling technologies held in Mumbai, India from October 15 to 18 -- and VIET Water 2019, a water industry trade fair held in Hanoi, Vietnam. Hyosung Chemical and Shindonga Electronics acquired a performance certification for their polyketone water meters in Vietnam and India, and they are working to have the meters certified in Peru and Malaysia. Wizit Energy, a polyketone water meter manufacturer, is also supplying its polyketone water meters for the new city construction project in Bismayah, Iraq. “Building upon its experience of developing carbon fiber with its original technology, Hyosung will concentrate on creating new materials such as polyketone and make Korea a materials powerhouse,” Chairman Hyun-Joon Cho said. *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.
