Various stories of activities brought to you by Hyosung TNC
Hyosung Chairman Hyun-Joon Cho met with Mexican President Andrés Manuel López Obrador at the Presidential Palace in Mexico City on November 6 and discussed business cooperation plans including the “Rural ATM project,” the Mexican government’s key welfare policy.This meeting was arranged after Hyosung TNS, Hyosung’s IT affiliate, recently received the order of all 8,000 ATMs (worth KRW 203 billion) needed for the large-scale welfare policy “Rural ATM project,” under the direct leadership of Chairman Hyun-Joon Cho.□ Chairman Hyun-Joon Cho says, “We will contribute to improving the welfare and the quality of life in Mexico.”During this meeting, Chairman Hyun-Joon Cho thanked President Obrador for giving Hyosung the opportunity to participate in the massive project and expressed his hope to contribute to improving the quality of Mexican people’s lives as well as to developing its economy by actively participating in power infrastructure projects and renewable energy projects such as photovoltaic power.Especially, Chairman Cho noted that “I was deeply impressed by the Obrador administration’s policy and philosophy that prioritizes people’s livelihoods.” “This Rural ATM project will become a crucial opportunity for Hyosung to fulfill its corporate social responsibility beyond the level of business seeking profits,” emphasized the chairman. In addition, Chairman Cho vowed, “We will do our best to improve the quality of life of the people and strengthen the welfare delivery system of Mexico by completing the project seamlessly so that Mexican people can use ATMs without any inconvenience.”In response, President Obrador stressed the importance of the Rural ATM project and said, “Since Hyosung has world-class ATM technology, which is the core of this project; let's work closely together for the success of the project.” “I look forward to seeing you again after the project is successfully completed,” added the president.□ Hyosung TNS wins the order of 8,000 ATMs for Mexico’s ‘Rural ATM project’ in MexicoIn Mexico, the world’s 15th largest economy by GDP, 20 million people or 17% of the total population of 120 million are receiving welfare subsidies but 75% of the country’s land is in the blind spot of financial services.As a result, the government’s welfare subsidies have not been properly delivered to vulnerable groups in many cases, so the Mexican government has been pushing for the “Rural ATM project,” through which beneficiaries can withdraw cash directly from ATMs using a welfare card.The successful order for this project was possible by bolstering the sales network with the Mexican government under the command of Chairman Cho from the beginning stages in early 2018. Hyosung TNS will solidify its status in the market by delivering 8,000 ATMs by the end of 2020, expanding its ATM market share from the current 2% to 15%. Hyosung TNS ranks first in the US ATM market with 46% market share (based on 2019 annual sales).□ Also discuss cooperation in power and renewable energy infrastructure projectsAfter the meeting, Chairman Cho visited a welfare center in Mexico City, a trial operation site of the project, where he checked Hyosung TNS’ ATMs and talked with users of welfare centers to listen to feedback about the service.Chairman Cho also met with key officials of the Obrador government and asked for an opportunity to participate in Mexico’s power infrastructure projects based on Hyosung’s power and renewable energy technologies and know-how in the Mexican market, where the company is strengthening investments in the oil and gas industry and combined cycle power generation.In addition, Hyosung introduced two airbag manufacturing subsidiaries (fabric production and sewing) in Mexico and expressed their ambition to grow their businesses through continuous quality improvement.□ Continue to discuss business cooperation with top global leaders of countries such as India, Vietnam and ChinaSince his inauguration in 2017, Chairman Cho has continued his global management activities, including a series of meetings with top executives around the world. After meeting with Indian Prime Minister Narendra Modi, Vietnamese Prime Minister Nguyễn Xuân Phúc in 2018, Chairman Cho also discussed business cooperation with chief executives in key business partner countries, including China’s Zhejiang Province Governor Yuan Jiajun, Vietnamese Deputy Prime Minister Vương Đình Huệ, and Saudi Aramco Chief Executive Amin Nasser.Also, Chairman Cho has not missed out on various global exhibitions in an effort to check trends in the textile industry. Chairman Cho has listened to the voices of global customers at events such as Interfiliere Paris 2019, the world’s largest lingerie and swimsuit exhibition held in Paris, France as well as Intertextile Shanghai, China, which is the largest textile market in the world.*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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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.
Hyosung is continuing its heart-warming sharing at this year’s end.Hyosung announced on December 10 that it has delivered a year-end donation of KRW 1 billion to help neighbors to the Community Chest of Korea located in Jung-gu, Seoul.Hyosung Chairman Hyun-Joon Cho said, “Hyosung is striving to fulfill its corporate responsibilities as a member of the local community. I hope that this will be of a little help for the neighbors in need to have a warmer and more stable living environment.”Meanwhile, Hyosung has provided daily necessities, such as Rice of Love and Kimchi of Love, to residents of Mapo-gu who have financial difficulties every year. Hyosung is also carrying out various activities in an effort to create a better society at home and abroad, through “Hyosung Smile Expedition,” an overseas medical volunteer group, and the employee sponsorship program for overseas children, among others. *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.
As part of global social contribution, Hyosung dispatched its overseas medical volunteer group “Smile Expedition” to Dong Nai Province near Ho Chi Minh City, Vietnam from November 17 to 22.The Smile Expedition, which consists of a total of 30 members, including staff from Food for the Hungry, an international relief organization, medical professionals from Gangnam Severance Hospital, and Hyosung employees, provided free medical services and health education to 2,400 local residents.For nine years since 2011, the Smile Expedition has provided medical services to a total of 15,000 local residents who lack access to health care due to insufficient medical facilities and economic difficulties in Vietnam.Doctors of Gangnam Severance Hospital provided medical treatment in areas of cardiovascular surgery, family medicine, gynecology, ophthalmology and dentistry. This year, they also performed ultrasound tests on pregnant women.In addition, volunteers provided gynecology education including safe birth control methods and precautions for pregnancy periods for about 150 students who are expected to give birth or ready to become a working member of society while elementary school students received fluoride treatment for tooth decay prevention as well as eye examinations. More than 180 employees from Hyosung Vietnam joined to offer assistance such as interpretation and arrangement for the event.Chairman Hyun-Joon Cho has stressed, “Vietnam is home to Hyosung’s largest global production base, so Hyosung is also a member of the Vietnamese community. We will fulfill our social responsibilities to provide practical help to the neighbors in need in Vietnam.”Hyosung has also sponsored children of low-income families in Kon Tum, Vietnam by helping improve communal and education facilities through the salary-sharing campaign by employees at the headquarters.Meanwhile, as part of its cultural and arts support activities, Hyosung donated KRW 20 million to the Korean Barrier Free Films Committee on November 21. The donation was used to create the barrier-free version of the films “Mirai” and “The Traveling Cat Chronicles”. Barrier-free movies provide audio interpretation for the visually impaired while dialogue, voice, and music information are provided as subtitles for the hearing impaired. Hyosung has been carrying out various social contribution activities for vulnerable groups at home and abroad, including sponsoring barrier-free films for three years since 2017. *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 held the opening ceremony of the birthplace of Founder and late Chairman Manwoo Cho Hong-je with Haman-gun County, Gyeongsangnam-do Province on November 14. Chairman Manwoo's birthplace located in Dongchon-ri, Gunbuk-myeon, Haman was restored by Arumjigi, a cultural heritage protection organization, from 2017 to last year. Situated in a land area of 1,225 pyeong (about 4,050 square meter), this hanok (traditional Korean house) built in the late Joseon Dynasty is characterized by practical building layout and simplicity without many decorations.Hyosung agreed to open Manwoo's birthplace to the public with Haman-gun. Haman-gun is actively providing administrative support such as maintaining the surrounding environment and creating a parking lot as part of its effort to develop tourism products, centering on the birthplaces of the founders of large conglomerates in the region.This event was attended by Hyosung Chairman Hyun-Joon Cho, Hyosung President Hyeon-Sang Cho, the Haman Hometown Association, county officials such as Haman mayor Geun-Je Cho, and local residents.Chairman Hyun-Joon Cho said, “I thank Haman-gun, Gyeongsangnam-do, and the hometown association for supporting the restoration and opening of the birthplace. I will do my best to expand Hyosung across the world in keeping with the vision of my grandfather who wished to ‘spread the reputation of our country and people.’”In addition, the opening ceremony of the birthplace was followed by the unveiling ceremony of a memorial monument and a seated statue.□ Hyosung Group Founder and late Chairman Manwoo Cho Hong-Je built the foundation for Hyosung GroupManwoo, who said “one’s small skill is worth more than a thousand gold pieces,” is known for making a miracle in the Korean economy despite difficult conditions. Born in 1906, Chairman Cho is a descendant of Eogye Jo Ryeo, one of Saengyukssin (six martyred ministers) in the Joseon Dynasty who settled in Haman. In 1926, he was imprisoned for participating in the June 10th Movement in protest against Japanese colonial rule.Starting with the establishment of Hyosung Trading in 1962, Manwoo founded Tongyang Nylon in 1966. In 1971, he built Hyosung R&DB Labs, the first private research institute in Korea, which became the foundation for global No.1 materials company Hyosung. Hyosung's technology research institute was benchmarked when the government recommended companies to set up their R&D center in November 1978. Manwoo, who has created two world-class companies, Hyosung and Hankook Tire, received numerous awards from the country, such as the Gold Tower Order of Industrial Service Merit, in recognition of his contributions to the advancement and export expansion of Korean companies.□ Gyeongsangnam-do and Haman-gun to promote tourism products surrounding “Rich Sotbawi Rock”The Namgang River, which borders Haman and Uiryeong, Gyeongsangnam-do, has a pot-shaped rock that is said to produce huge riches within 20 ri (about 8 km) of three feet below the surface of the rock. Like the legend, centering on Soungbawi Rock, the birthplace of Samsung Group Founder and Chairman Byung-chul Lee is located in Jeonggok-myeon, Uiryeong-gun to the north, and LG Group Founder and Chairman In-Hwoi Koo in Seongsan-ri, Jisu-myeon, Jinju-si to the south, and Hyosung Group Founder and Chairman Hong-je Cho to the southeast.As the “Entrepreneurs’ Hometown Tourism-Themed Town” was recently chosen as a collaboration project between city and county in Gyeongsangnam-Do, Jinju-si, Haman-gun, and Uiryeong-gun are planning a tourism product surrounding Sotbawi Rock to celebrate the entrepreneurship and challenging spirits of business founders. Jinju-si will build a variety of tourism-themed villages and hanok stay for tourists in Jisu-myeon, where the birthplaces of LG and GS founders are located while Uiryeong-gun will run a course which allows tourists to look around famous attractions such as Sotbawi Rock and Bonghwangdae Pavilion and enjoy local foods. Haman-gun also plans to operate Manwoo’s birthplace as a major local attraction and open it to the public. Gyeongsangnam-do will promote the spirit of sharing that these families have spread over the generations and work to invigorate the local economy. *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.
