GS Group Chairman Huh encourages innovation, new business investment

GS Group Chairman Huh Tae-soo [GS HOLDINGS]

GS Group Chairman Huh Tae-soo encouraged GS companies to actively expand into new businesses and invest in innovative technologies.

“GS aims to branch out into new businesses by working with its partner companies, private equity firms, venture capitals and start-ups through investments and partnerships,” Huh said at a meeting with GS companies on Wednesday.

Around 50 CEOs and high-ranking officials from GS companies gathered at the GS Retail Workshop Center in Pocheon, Gyeonggi, on Wednesday to discuss their business plans. A range of businesses, such as GS Caltex, GS Engineering & Construction and GS Retail, attended.

GS Caltex will find new business models as demand for cleaner energy sources grow. The company announced it will focus on producing hydrogen and bio fuels, developing recycling technologies and operating electric vehicle charging stations.

GS Energy will focus on producing blue ammonia and recycling batteries.

GS Engineering & Construction aims to put an emphasis on prefab construction, which is considered eco-friendly because components are made off-site and quickly assembled on-site to create less waste. Expanding offerings in home meal replacements and pet products will be the focus for GS Retail.

To acquire necessary technologies, GS companies vowed to actively make investments.

GS Ventures, a venture capital firm wholly owned by GS Holdings, was established in January. The company has since invested in various start-ups, such as Mycel, an eco-friendly leather maker, and SY Solution, a plant-based food manufacturer. A GS Holdings-led consortium acquired 46.9 percent of Hugel, a botox maker, in August last year, and more bio companies are also on the radar.

“GS Ventures plans to invest in start-ups in bio, climate change, deep tech and smart construction technologies, supporting GS companies grow in various new business markets,” said a spokesperson for GS Holdings.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]