Hyosung expands its reach around the world
|At Hyosung’s factory in Vietnam, spandex material is produced with cutting-edge technology. [HYOSUNG]|
Hyosung’s products are serving the daily needs of people all around the world. Four out of 10 use tires that have Hyosung’s reinforcement material known as tire cords, while three out of 10 wear clothes that use the company’s elastic thread.
To maintain high quality, Hyosung has built production facilities in various countries and established a global production and sales network. Not only that, the company has localized its products to reflect the diverse needs and lifestyle preferences of populations around the world. These efforts have led to more than 70 percent of revenue coming from overseas.
When President Cho Hyun-joon visited the company’s factories in Gumi, Ulsan and Changwon last January, he urged staff to fully adjust to local cultures. “In order to become a global company, we have to manifest a global perspective and, most importantly, learn customers’ needs. I highly recommend staff and executives visit overseas branches and make business trips.”
Creora, Hyosung’s spandex thread brand, was able to maintain high profit by making original products, expanding its production facilities and increasing its dominance in the market.
The company hopes to lead the global market with its cutting-edge technology and utilizing its global supply chain in Turkey, Brazil and Vietnam. It also plans to conduct thorough market research and cater to individual customers’ needs.
Its tire cords, too, have improved its profitability through outstanding technology, high product quality and a marketing strategy that caters to customers’ interests. Last year, the brand’s nylon airbag and seatbelt sold briskly, contributing to increased profit.
This year, the company will expand its sales in Asia and maximize customer satisfaction through comprehensive market research.
Hyosung is also investing 200 billion won to build its first overseas chemical plant. The prospective facility in Quzhou is expected to produce 1,300 tons of NF3 annually, helping the company reduce logistical and production costs while meeting increased demand for semiconductors and display devices.
The conglomerate’s ATM subsidiary, Nautilus Hyosung, has been selected by Sberbank, Russia’s largest state-owned bank, to supply ATMs in a branch expansion project. Nautilus already supplies ATMs to major banks in 30 countries, including Bank of America, Chase Bank and Bank Central Asia.
Hyosung ITX, Hyosung’s IT subsidiary, plans to expand its system integration and management business. The company, which has focused on big data analysis and IT security, will apply big data and Internet of Things technology to maximize energy efficiency in heavy industries.
KIM KYU-EUN [email@example.com]