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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On December 14, Hyosung, jointly with the Purme Foundation, held the “Mini Purme Concert 2022” at the Purme Center in Jongno-gu, Seoul. First held in 2015, the annual event has not been held for three years due to COVID-19. The Company invited 100-plus people including handicapped youths attending programs provided by the Purme Center to the concert. One of the ancillary events related to Christmas held for the attendees was making Santa hat/bracelet. Snacks like ddeokbokki, skewered fish cake, waffle, etc. were also provided to the attendees. The main event included a handbell performance by children of the Jongno Ai Zone for children with developmental disabilities, a Nanta performance by Ullim Sori of the Jongno Welfare Center for the Handicapped, a Pansori performance by JANG Seongbin, a singer with developmental disabilities, a tap dance performance by Theater Lahaph composed of handicapped/non-handicapped members, a performance by PARK Mingyu, a handicapped baritone singer, and a performance by GratoFlute, an ensemble of handicapped flutists.Hyosung is also carrying out a variety of year-end activities for sharing. On December 15, Hyosung employee volunteers are holding a Christmas party for children at the Jangunbong Child Care Center. On December 20, they plan to deliver tuna and ham gift sets to 400 less privileged households in Ahyeon-dong, Mapo-gu, Seoul.
On December 7, Hyosung employees at the HQ in Mapo-gu, Seoul took part in the blood donation campaign as part of its year-end activities. Hyosung employees have engaged in such activity since 2008 for 15 years. Note that this is the second event carried out by them in the year alone in an effort to help those suffering from the shortage of donated blood due to COVID-19. The employees taking part in the blood donation were given souvenirs provided by the Korean Red Cross, pizza gifticon, and special presents provided by the Company. “It feels nice to see many employees taking part in such a meaningful activity. I believe that such philanthropic mind will be passed on to many people,” Hyosung Chairman CHO Hyun-Joon said.Hyosung carries out such activities including supply of daily necessities and rice under the slogan “We share in your suffering.”
Hyosung Chairman CHO Hyun-Joon met Vietnamese President Nguyễn Xuân Phúc again after an interval of four years and disclosed his plan to make a large-scale investment in Vietnam’s future-oriented industrial sectors. □ Mr. CHO Hyun-Joon’s third encounter with President Phúc…bilateral cooperative relationship reconfirmed On December 6, Hyosung Chairman CHO Hyun-Joon met with Vietnamese President Nguyễn Xuân Phúc, who was visiting Korea on the occasion of the 30th anniversary of establishment of diplomatic relations between the two countries. At the meeting held at Lotte Hotel Seoul, the two discussed ways to strengthen business cooperation, with Mr. CHO promising to make continued investment in Vietnam. The two met in 2016 and 2018 when Mr. Phúc was Vietnam’s prime minister, and they have maintained a close relationship since then. Others taking part in said meeting included Vice Chair CHO Hyun-sang, Hyosung TNS President SON Hyunsik, and Hyosung TNC President Kim Chi-Hyung from Hyosung and Minister of Planning and Investment Nguyen Chi Dung, Minister of Industry and Trade Nguyen Hong Dien, and Foreign Minister Bui Thanh Son of the Vietnamese government.□ Hyosung has invested a total of 3.5 billion dollars since 2007, becoming the third largest foreign investor. “Hyosung could grow in Vietnam amid the global pandemic and recession thanks to the Vietnamese government’s effort to foster favorable conditions for foreign investors. We’ll continue to strive to increase investment in the country and strengthen bilateral cooperation, while developing the country as our forward base in eco-friendly and smart business sectors,” Hyosung Chairman CHO Hyun-Joon said at the meeting.For his part, President Phúc expressed deep gratitude for the efforts made by Hyosung for continued investment and job creation in his country and vowed to provide support for Hyosung’s additional investment in eco-friendly/bio/advanced materials/new technology sectors including establishment of the relevant infrastructure and improvement of tax-related matters.Hyosung has established six production corporations in Vietnam , investing a total of 3.5 billion dollars since 2007 and expanding its presence there in keeping with the country’s economic growth. At present, Hyosung is the third largest foreign investor in Vietnam.The number of local employees hired by Hyosung in Vietnam comes to about 10,000, playing a significant role in job creation. Sales of Hyosung’s local corporations in Vietnam are forecast to reach approximately 3.4 billion dollars.
On December 1, Hyosung delivered “Kimchi of love” for winter to the Mapo-Gu Office for provision to less privileged locals. Each piece of Hyosung’s gift includes some of the kimchi weighing 10 kg to be delivered to a total of 1,500 households. Hyosung has engaged in this year-end love-thy-neighbor activity for the past 16 years.Hyosung makes it a rule to purchase said kimchi from the Senior Club in Jung-gu, Ulsan, which strives to provide jobs to seniors, as an indirect support for what the club does. Every year, Hyosung carries out social contribution activities for locals in Mapo-gu, Seoul including supply of daily necessities and rice. In November, it joined in the fund raising campaign designed to help less privileged locals in Mapo-gu, Seoul spend the winter more comfortably.
Hyosung TNC has started making its foray into the eco-friendly outdoor market of Europe as a global trendsetter in eco-friendly textiles.Hyosung TNC introduced an array of eco-friendly textiles for outdoor fashion at the ISPO (Internationale Fachmesse für Sportartikel und Sportmode) Munich 2022 held from Nov. 28 to Nov. 30. Held annually since 1970, ISPO is the world’s largest outdoor/sports fashion expo with 500-plus businesses from 110 countries in attendance. At this year’s expo, Hyosung TNC introduced the nylon recycled textile “MIPAN regen ocean” and “creora® bio-based,” a bio spandex fiber that the Company successfully developed and commercialized ahead of competitors as part of the effort to cope proactively with the rapidly increasing market needs for eco-friendly textiles. In 2007, Hyosung TNC became the world’s first business to succeed in the development of recycled nylon textiles using waste fishing nets. Said to be the No.1 single item causing environmental pollution, waste fishing nets account for 46% of huge waste islands floating on the Pacific Ocean. Seeing the rise in the eco-friendly needs of global outdoor/fashion businesses using nylon textiles as main raw materials, Hyosung TNC has prepared a depolymerization facility for the recycling of nylon in its factory in Ulsan to occupy the market ahead of its competitors. The factory plans to start the production line with production capacity of 3,600 tons a year in December.A depolymerization facility refers to a facility for the chemical decomposition of waste fishing nets for the production of caprolactam, a raw material used for the production of nylon. With the operation of said facility in earnest, Hyosung TNC will have an assembly line for the production of nylon recycled textiles using waste fishing nets.At the ISPO Munich 2022, the Company introduced “waste fishing net edition” bags and apparel made of MIPAN regen ocean in cooperation with PLEATSMAMA, a domestic eco-friendly fashion and accessory startup. PLEATSMAMA’s waste fishing net edition features goods made of waste fishing nets collected from the sea off the country’s South Coast. The goods will be on the market for ordinary consumers in December.“Creora® bio-based,” the world’s first bio spandex made of corn extracts made in cooperation with global sportswear business PANGAIA, was introduced to the European market for the first time. The “Activewear 3.0” introduced this time is expected to be an eco-friendly trendsetter in the sportswear market. The eco-friendly effects (e.g., carbon reduction, resource saving, ozone protection, etc.) of “Creora® bio-based” were certified by LCA (Life Cycle Assessment) of the United States.“ISPO provides us with a good opportunity to introduce our sheer technological prowess leading others in the eco-friendly textile sector. We will strive to remain a leader in the global eco-friendly market through continued investment, R&D, and proactive coping with customers’ demand,” Hyosung TNC President Kim Chi-Hyung said, commenting on the matter. Hyosung TNC also caught the attention of those from global businesses and ordinary visitors at the ISPO Munich 2022 by introducing goods such as Osprey and Mystery Rach backpacks made of “MIPAN regen robic,” a super-durable recycled nylon fabric.
Hyosung’s Technology management has added another feather to its cap.The Group has become the world’s first business to develop an eco-friendly catalyst for polyester production, taking one step closer to the status of the top leader in the world’s eco-friendly textile market.Hyosung received the King Sejong Award, the top award among awards presented to businesses that have succeeded in the development of high-end technologies, at the Patent Technology Award ceremony held at L Tower, Gangnam-gu, Seoul on November 3 for the development of antimony-free catalyst, which is eco-friendly polyester catalyst, in 2020. The award was presented to Mr. Kim Cheon-gi, the leader of Hyosung R&DB Labs' Nylon Polyester Polymer Research Team that invented the technology.The Patent Technology Award is presented each year to the one who contributed remarkably to the development of new technologies as well as the relevant industry. The top award is the King Sejong Award, followed by the Chungmugong Award, Ji Seogyeong Award, Hong Daeyong Award, and Jeong Yagyong Award in consideration of the following factors: △ technological significance, △level of distinction/innovativeness, and △ realistic commercial value, etc. The antimony-free catalyst developed by Hyosung is an eco-friendly catalyst that will replace the existing antimony catalyst used in the production of polyester. Antimony is one of the eight leading toxic heavy metals, and domestic businesses have failed to commercialize one that can replace it despite attempts made for years.Antimony-free catalyst is a catalyst based on tin (Sn), which is not a toxic heavy metal. Hyosung has succeeded in completion of the technological development and production of large quantities of it in 2020, a mere three years after its commencement of the effort.The use of antimony-free catalyst as a catalyst can reduce the amount of catalyst used to one-tenth and reduce plastic waste occurring in polyester production by more than half. It can also improve the production process and enhance the quality of goods.Hyosung has set up a plan to use antimony-free catalyst in all polyester productions, and it is taking a step for trial production to cope with major customer businesses’ eco-friendly textile needs proactively and patent registration in the United States, China, Europe, and India. The Group also plans to expand the use of said catalyst in polyester-based products produced in major affiliates such as △ film, △ PET bottles, △ textiles used in vehicles, etc., including polyester tire cords where the Group enjoys the No.1 position in terms of market share (45%).“We’ll listen to VOCs worldwide, get a grasp of changes in customers’ requirements rapidly, and continue to concentrate on ESG management and innovation of eco-friendly technology,” Hyosung Chairman Cho Hyun-Joon said.Meanwhile, Mr. Kim Cheon-gi, the leader of Hyosung R&DB Labs' Nylon Polyester Polymer Research Team attended the celemony and received the King Sejong Award as the lead inventor.