Various stories of activities brought to you by Hyosung TNC
Hyosung TNC has started working with TOPTEN, the No. 1 SPA business in the country, for the joint development of eco-friendly products. On March 8, the Company signed an MOU with TOPTEN for said undertaking in a ceremony held at the headquarters building of Shinsung Tongsang in Gangdong-gu, Seoul, with Hyosung TNC President Kim Chi-hyung and Shinsung Tongsang Chair Yeom Tae-soon in attendance. The two businesses′ decision to work together for the development of good-quality eco-friendly products with reasonable prices came following the increase in such goods particularly among the MZ generation. Under said MOU, Hyosung TNC will develop/supply diverse eco-friendly materials using Regen®, which is polyester fiber made of recycled transparent PET bottles. For its part, TOPTEN will introduce a collection of cost-effective, eco-friendly clothes using it, including activewear like Balance. Hyosung TNC also intends to help TOPTEN introduce a variety of cost-effective, eco-friendly clothes through the joint development of new products using Regen® and by providing eco-friendly fashion ideas to TOPTEN. ″We are playing the leading role in fashion markets both in and out of the country through eco-friendliness, fully taking advantage of the merits of our Regen® and working with local governments as well as the relevant fashion brands. We will continue making similar efforts by making eco-friendly products easily accessible to consumers through positive cooperation,″ Hyosung TNC President KIM Chi-hyung said, commenting on the matter. For his part, Shinsung Tongsang Chair Yeom Tae-soon noted that TOPTEN and Hyosung TNC have worked together to develop eco-friendly materials and functional fabrics. ″We have been able to improve our main line of products like OnAir, CoolAir, and Balance. Through the MOU signed this time, the two businesses will engage in further R&D of new materials/eco-friendly products to make better apparel and meet consumers′ desire for value-based consumption,″ he added.
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Hyosung’s Anyang Factory in Dongan-gu, Anyang-si plans to open its Azalea Hill and playground to locals during the one-day Azalea Festival, which has been suspended over the past three years. Hyosung said that it will hold the 41st Hyosung Azalea Festival and have its grounds (location: 74 Simin-daero, Dongan-gu, Anyang-si) opened to locals from 10:00 AM through 5:00 PM on April 1 (Sat.) for the festival.The 2.4-acre area on the hill behind the factory is colored pink at this time of the year with the blooming of azaleas. During the festival, the Company holds special events such as caricature art, magic balloon, pungmulpae (a percussion band composed of villagers) performance, etc. in addition to foods like kimchi pancake, tteokbokki, and sundae (Korean sausage). GoodWill Store, a foundation receiving financial support from the Company, opens a one-day market designed to provide job opportunities to the disabled. Hyosung Azalea Festival was first held as an annual mini party attended by families and people close to the factory’s employees of Tongyang Nylon, which was eventually taken over by Hyosung. Locals also came to be invited from the latter part of the 1970, but the festival was stopped over the past three years due to COVID-19.
Hyosung Chairman CHO Hyun-joon plans to involve himself directly in having domestic textile subcontractors build their ESG management capability in connection with the need to enhance their global competitiveness.□ Hyosung TNC to carry out programs designed to help subcontractors enhance their ESG capability to upgrade their overall global competitiveness.On March 16, Hyosung TNC said that it would push forward with a program designed to provide support to subcontractors in △ education and consulting for strengthening their ESG capability and △ eco-friendly certification expenses.Said program is based on the realization that the global competitiveness of subcontractors needs to be enhanced amid the ever-increasing importance of their ESG management with the Supply Chain Due Diligence Act coming into force worldwide including the EU, starting next year.Under the Act, the relevant businesses should undergo periodic due diligence concerning ESG factors such as environment, labor, human rights, governance structure, etc. related to their entire supply chain, and publish and remedy issues about workers’ human rights, environmental pollution, etc. found in the due diligence process.For this, Hyosung TNC, with the help of a professional ESG consulting business, will provide sessions for the following to 11 subcontractors’ employees on a total of 4 occasions between March and June: △ ESG education in general, △ ESG-related diagnosis and guidance, and △ improvement.Hyosung TNC intends to help subcontractors build their sustainable management capability based on the result of diagnosis of their ESG status, considering the difficulty they face in ESG regulations.□ Also providing support for eco-friendly certifications such as GRS and Eco-Product Mark, the first ever attempt by a local textile businessIn addition, Hyosung TNC will provide support in the area of issuance of eco-friendly certifications for subcontractors, the first ever attempt by a local textile business. Acquiring global eco-friendly certifications is expected to help subcontractors enhance their ESG competitiveness including being in a better position to cope with ESG regulations.The Company plans to provide support by paying expenses for △GRS △SGS Eco Product Mark certifications to the 21 subcontractors making fabrics with Regen, the Company’s leading recycled polyester fabric, and Creora Bio-based as the world’s first bio fabric made with corn extracts.The Eco Product Mark certifies that the relevant products have been made △ in an eco-friendly way through ESG management using △ eco-friendly raw materials and are thus △ not harmful to people. Regen, which is a recycled polyester fabric developed by Hyosung TNC in 2008, became the first fabric in the world to acquire global recycled standard certification GRS in 2009. As for Creora Bio-based, it acquired the Eco Product Mark from SGS (Société Générale de Surveillance), a Geneva-based institution for world-class inspection, test, and certification, in June 2022.“ESG is becoming businesses’ criterion for value for present and future. We will set global trends for eco-friendly fabrics by helping subcontractors build their ESG management capability,” Hyosung Chairman CHO Hyun-joon said.
Hyosung is set to donate 300 million won for firemen who died on duty, their bereaved families, and promotion of firemen’s welfare. On March 14, Hyosung, Korea Chamber of Commerce and Industry (KCCI), and Hyundai Motor Group held the first “Sharing for All” Project event at Bukbu Fire Station, Ulsan. The event was held with the following people in attendance: Hyosung Chairman CHO Hyun-joon, KCCI Chairman CHEY Tae-won, Hyundai Motor Group Chairman CHUNG Eui-sun, National Fire Agency Acting Administrator NAM Hwa-yeong, Ulsan Vice Mayor for Economy AHN Hyo-dae, etc. Hyosung’s donation will be spent on scholarship for the bereaved children of firemen who died in the line of duty, healing camp for bereaved families, promotion of firemen’s welfare such as improvement of firemen’s working conditions, etc. Hyundai Motor Group donated eight buses that will be used for firemen’s rest and recovery. “The Hyosung Group was reborn as a world-class business specializing in materials, having started from its factory in Ulsan. We are deeply grateful to the firemen working hard for a safe environment,” Chairman CHO Hyun-joon said. He added, “It’s sad that recently there have been cases in which the precious lives of firemen have been lost. Safety should be regarded as the most important value and the people working hard to protect the safety of people deserve our respect and gratitude.” Finally, he vowed to strive to see how firemen’s welfare could be promoted and work with others to cope with social issues seriously as a businessman. KCCI’s Entrepreneurship Round Table (ERT) was launched last year by business leaders to encourage each other to join in the effort to cope with social issues and fulfill their role as members of the community. Seven hundred-plus business leaders have joined. Started with Hyosung and Hyundai Motor Group playing a leading role, the “Sharing for All” Project is participated in by ERT member businesses for social contribution activities. The first of said project is being carried out to provide financial support for hardworking firemen. ERT member businesses including Hyosung and Hyundai Motor Group donated about 5.5 billion won for the project. Hyosung is carrying out social contribution programs based on the three themes of support for less privileged people, culture/arts, and war veterans under the vision of “We will be with you through the spirit of sharing.” The company does what it can to provide financial support for the rehabilitation of handicapped children, education of those who have a handicapped sibling, handicapped artists, houses for war veterans, etc.Hyosung also donated funds for victims of torrential rain in the Central Area in August 2022, victims of forest fire in Gangwon-do in March 2022, effort to overcome COVID-10 in 2020, etc.
Hyosung TNC will start encouraging employees to join in the effort to collect PET bottles this year as it did last year as part of its eco-friendly campaign and bid for mutual growth with subcontractors.On March 8, the Company said that it recently started Season 2 of the Regen Recycling Campaign with employees taking part.Under said campaign, the Company presents bags made with Regen, which is recycled fiber, to the participating employees. The campaign is carried out twice, i.e., once in the first half and then in the second half of the year.In 2022, the Company’s HQ started the campaign and collected about 9,000 PET bottles. This year, the campaign is being spread to workplaces in Ulsan, Gumi, Daegu, etc. with 15,000 PET bottles targeted. This is equivalent to the amount of CO2 absorbed by 70 pine trees a year.Through the campaign, the Company intends to achieve mutual growth with leading startups making goods with Regen. This year, the Company will have “PLEATSMAMA” and “HARLIE K”, which are well-known eco-friendly fashion brands enjoying immense popularity among MZ generations, provide goods made with Regen to distribute them to employees taking part in the campaign.“Hyosung TNC has an ambitious plan of setting an eco-friendly fabrics trend in the global market and securing its position as a leading eco-friendly business,” Chairman CHO Hyun-joon said.Hyosung TNC achieved success in a campaign for using tumblers to reduce the use of paper cups at work in 2021 with the positive response from employees.
Hyosung TNC will introduce an array of eco-friendly textiles it made at the Preview in Daegu 2023 to be held at EXCO, Daegu from March 2 through March 4, expected to be the largest ever held in the country. Hyosung TNC’s scale of participation will be the largest among domestic businesses taking part in the event. During the event, the Company will operate an exhibition booth including △eco-friendly spandex zone, △eco-friendly nylon zone, △ The North Face Collaboration zone, etc. and display a variety of fashion goods and fabrics to which recycled and bio textiles are applied.The eco-friendly spandex zone will introduce △ Creora Bio-based—the world’s first bio spandex made with corn extracts—and △ Fabrics made with Creora Regen, which is made with 100% recycled spandex. Meanwhile, outer/innerwear and the like will also be introduced as those made by the Company’s Fashion Design Center with Creora Bio-based and Creora Regen.The eco-friendly nylon zone will introduce △ regen ocean nylon textile made with waste fish net and △ fabrics made with regen robic and regen ocean robic, which are super-strong recycled nylon textiles. The Company will also unveil backpacks made by world-famous brands like Osprey, Mystery Ranch, etc., to which regen robic is applied.Especially, the Company expects its cooperation with The North Face to attract people’s attention. Visitors to The North Face Collaboration zone can have a look at the 30-plus eco-friendly fashion goods including The North Face’s t-shirts, sweatshirts, sweat pants, etc. made with Regen Korea, Hyosung TNC’s leading eco-friendly textile. Regen Korea is a recycled polyester textile made by Hyosung TNC by recycling transparent PET bottles collected within the country.Hyosung TNC, together with 18 subcontractors, will operate a joint booth at the PID. The number of subcontractors working with the Company is greater than ever before. Hyosung TNC provides spaces for the display of fabrics and goods and sale and business meetings to subcontractors free of charge in a bid for coexistence with them. “We’ll continue to invest in R&D for next-generation eco-friendly textiles such as biodegradable textiles and recycled textiles. As one setting global trends in eco-friendly textiles, we’ll strive to expand the base of eco-friendly fashion markets by working closely with subcontractors,” Hyosung Chairman CHO Hyun-joon said.
Hyosung is set to provide 10 billion won in funds for cooperation between large-sized businesses and their smaller-sized counterparts and between businesses and rural areas and to help businesses build their ESG management capability. On March 17, Hyosung signed an agreement with the Korea Foundation for Cooperation between Large and Small Businesses and Rural Areas for the provision of said funds. Hyosung President KIM Kyoo-Young and Secretary General KIM Yeonghwan of said foundation attended the ceremony, which was held at Hyosung’s building in Mapo-gu, Seoul. Said funds are private funds that businesses provide to said foundation to promote win-win cooperation between large-sized businesses and their smaller-sized counterparts and between businesses and rural areas. Five affiliates of the Hyosung Group (i.e., Hyosung Corporation, Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical) will provide a total of 10 billion won (5.5 billion won + 4.5 billion won) to said funds. Hyosung will use the fund for win-win cooperation between large-sized businesses and their smaller counterparts to help with their supply-chain ESG management including reduction of energy use by subcontractors and their acquisition of eco-friendly certifications such as carbon labeling. Hyosung will also provide safety goods like body cams and airbag vests to enhance their safety and goods-quality capability and remote inspection facilities, etc., while providing flagship stores to SMEs and startups explored through open innovation, etc. and support their development of eco-friendly materials through the recycling of waste PET bottles and fishing net. The fund for win-win cooperation between businesses and rural areas will be spent on providing goods using eco-friendly technology such as produce driers made with carbon fiber, which is a highly efficient heating element, and clothing that uses Regen—Hyosung’s brand for recycled fiber yarns—to encourage the expansion of the base for eco-friendly technology. Hyosung will also engage in activities for the management of seagrass habitats for the conservation of marine biodiversity while striving for the invigoration of the local economy and communication between stakeholders through the purchase of local products and establishment of educational facilities. Hyosung Chairman CHO Hyun-joon has stressed the importance of ESG management in the Group’s management guidelines. “We should establish an eco-friendly management system and strengthen mutual growth with subcontractors and social contribution activities,” he said.Meanwhile, Hyosung has helped subcontractors explore overseas markets, encouraging them to join the Group in attending world-renowned exhibitions such as “Preview in Seoul”, “Intertextile Shanghai”, outdoor exhibitions held in Germany, etc. In addition, Hyosung is making multi-faceted efforts for supply-chain ESG management, including provision of ESG management education/consulting designed to enhance subcontractors’ competitiveness. ※Supply-chain ESG: Management of subcontractors’ ESG management factors in general such as environment, human rights, etc. from the perspective of risk management for businesses’ sustainable management
