By Chief Editorial Writer Choe Nam-suk
“When a new change for the future aims at a better tomorrow everyone dreams and hopes for, the change can have true value.” This greets you when you enter the website of the Hyongsung Business Group in Seoul, who ranks 22nd in the jaebeol hierarchy in Korea in 2019 according Namu Wiki with a total of 57 affiliate companies and an annual turnover of 13.5 trillion Korean won.
|hairman Cho Hyun-joon of the Hyosung Business Group in Seoul is giving a speech at the inauguration ceremony at Hyosung Business Group headquarters in Seoul on Jan. 16, 2017.|
The corporate website then says: “A change with value breathes inspiration into numerous industries and technologies, and a creative company that leads the change presents a better tomorrow faster than anyone. This is what Hyosung considers the most valuable kind of creativity.”
The corporate public relations materials also state:
“Despite having already cemented our position as No.1 in most of our business areas, Hyosung refrains from growing complacent with our domestic achievements and always seeks to challenge ourselves further to grow in the global market. We are deeply aware of our role as a member of our community and strive to become a company that can contribute to society.”
|Chairman Cho Hyun-jun of the Hyosung Business Group (left) with Deputy Prime Minister Vuong Dinh Hue of Viet Nam who visited Korea on June 19, 2019.|
So who is in charge of the Hyosung Group? The chairman is Cho Hyun-joon.
According to The Investor on June 23, 2019, Cho was born in 1968 (on January 16 and 51 years old this year), is the eldest son of former Chairman Cho Suck-rae. The younger Cho currently serves as the chief of Hyosung Group’s strategy and planning division, and information and communication technology related businesses.
In 1991, Cho Hyun-joon graduated from University of Yale with a degree in politics, and went on to Japan’s Keio University to receive a master’s degree in the same subject.
In 1992 he joined Mitsubishi Corp., where he worked in energy and crude oil related departments. In 1995 he moved to Morgan Stanley’s Tokyo office, and then to Hyosung in 1997. Cho is reported to be fluent in English and Japanese, and speaks Italian, and has shown interest in a wide range of businesses including games, and sports.
|Chairman Cho Hyun-joon of the Hyosung speaks during the opening ceremony of the 2018 Magnetic Maharashtra Convergence investors' summit at Bandra Kurla Complex in Mumbai, India, on Feb. 18,2018.|
It appears that the Hyosung Group takes strong interest in the promotion of relations with Viet Nam.
Chairman Cho met with Deputy Prime Minister Vuong Dinh Hue of Viet Nam on June 19, 2019, and agreed to strengthen mutual cooperation. This was recently learned from sources at the Hyosung Group in Seoul. Here are the details:
Deputy Prime Minister Hue, who is in charge of the Ministry of Finance, the Ministry of Planning and Investment, and the central bank, plays an important role as Vietnam’s economic control tower.
During the meeting, Chairman Cho introduced his business group’s new projects, such as the construction of a polypropylene plant in Ba Ria Vung Tau and a tire cord plant in Quang Nam Province, and asked for the Vietnamese government’s interest and support.
Chairman Cho was quoted as saying, “Vietnam is a crucial region for Hyosung, serving as a global comprehensive production base where all of Hyosung’s core products are being manufactured. I hope that both sides will continue the good relationship and bolster collaborations.”
Vietnamese Deputy Prime Minister Hue said, “Hyosung is one of the largest investors for Vietnam, and we will provide full support for Hyosung’s establishment of a PP plant in the southern province of Ba Ria Vung Tau and a tire cord plant in the central province of Quang Nam."
|Chairman Cho Hyun-Joon (left) meets with Secretary Dinh La Than of the Ho Chi Minh City, Viet Nam on Sep. 9, 2016 at the Lotte Hotel in Seoul.|
Chairman Cho, who met with Vietnam’s Prime Minister Nguyen Xuan Phuc in 2016 and 2018 to discuss business cooperation, and has maintained close ties with senior officials.
Hyosung is closely cooperating also with many other countries around the world, and has recently expanded its cooperation in Europe. According to a report from Hyosung on May 9, 2019, Chairman Cho launched his forays into the European outdoor clothing market with the functional materials of Hyosung TNC.
|Chairman Cho Hyun-joon of the Hyosung (left) with GovernorYuan Jia Jin of the Zhejiang Province of China on Aug. 25, 2018 at the Head Office of the Hyosung Group in Seoul.|
Related information details from Hyosung follow:
Hyosung TNC will participate in Performance Days, a functional textile exhibition in Munich, Germany, from May 8 to 9. Performance Days, which was first held in 2008, introduces functional materials that are applied to sportswear, outdoor wear, and work clothes. This year, 297 companies from 29 countries will participate, including Lycra, Unifi, Lenzing, and 3M. Hyosung TNC has set up a booth in Performance Days for the first time this year in an effort to expand marketing activities centering on the outdoor clothing market.
In line with the exhibition theme "Beauty of Function," Hyosung TNC will present a variety of products with complex functions that are suitable for outdoor activities, such as cold sensation (giving a cool feeling), UV resistance, quick sweat absorption and drying, and deodorization (neutralizing sweat smell), as well as designs wearable in daily life.
|Hyosung Group headquarters located in Mapo-gu, Seoul.|
In reflection of the eco-friendly trends in the fashion industry, Hyosung will also introduce regen®, a recycled polyester yarn using plastic bottles; MIPAN® regen®, a recycled nylon yarn made by reprocessing waste generated in the manufacturing process creora® eco-soft that can be made at lower temperatures than ordinary spandex, thereby saving energy creora® Black, a black dope dyed yarn that doesn't need extra dyeing, thereby saving water.
Chairman Cho said, "Today's customers are looking for products that can satisfy both functionality and design, not just one of them. We hope that customers will have the experience of consuming 'value' by purchasing eco-friendly products. Through this exhibition, Hyosung TNC will seek to better understand customers' needs and offer products that can lead industry trends."
|Chairman Cho Hyun-joon of the Hyosung (left) at a business meeting with a customer in France.|
This year, Hyosung TNC is engaging in marketing activities with a slogan reading: "Connectd Behond,” which means going beyond limited boundaries. The company plans to introduce Hyosung TNC spandex, nylon, and polyester yarns, centering on three themes: "Protect the Body" from climate change and pollution, sustainable fashion "ECO-nomy," and "Spotlight" that highlights the recent fashion trends.
Since his inauguration, Chairman Cho has been actively pursuing overseas expansion by visiting global exhibitions himself, stressing, “We should meet our customers directly to hear their voices."
|Hyosung Plant in Viet Nam.|
On a separate occasion, Chairman Cho pledged: “Hyosung is committed to working together with our customers in making a better future.”
Excerpts from his statement follow:
Since our establishment in 1966, Hyosung has relentlessly strived to contribute to the development of the Korean economy by pioneering into world markets. Today, we are opening the doors to the future based on our solid foothold as a global company in such areas as textiles, chemicals, industrial materials, power & industrial systems, construction, trade, and information and communication.
|A local employee at work at the production site of a Hyosung spandex factory in Viet Nam.|
Here at Hyosung, we are committed to technological and quality innovation based on our firm belief that technological capacities form the very basis of competitiveness. This ideal forms the basis of our dedication in working around the clock worldwide to make the lives better and more prosperous for all mankind.
Today, Hyosung operates over 70 production facilities and sales offices around the world including Korea, the U.S., Southeast Asia, Europe, South America and Africa, through which we provide specialized products and services that incorporates the various needs of our customers. We continue to strive to become a trusted partner of our customers based on such vast network and commitment.
|Production facilities of Hyosung in Viet Nam.|
Hyosung further invests in new growth engines for the future that will add greater value to the lives of us all. State-of-the-art carbon fiber and Polyketone that will replace steel in the future, the electronic material industry, next-generation financial infrastructures that enhance the comforts of life – these are just some of the cutting-edge technologies that will enable Hyosung to grow into a leader of innovation in the creative economy of the future.
Hyosung is also actively devoted to making our societies a better place to live in through ethical management and mutual cooperation. Our mission here lies in laying the foundation for creating a better world for all of us to live together in by actively participating in social contribution activities that create jobs and provide support for vulnerable members of the society.
|Hyosung Vietnam Co., Ltd.|
Building further upon our history of challenges that we have taken and the accomplishments that we have achieved over the past half century, Hyosung will continue to take a step further in enhancing our sustainability for centuries to come. These efforts will undoubtedly make Hyosung into a company that is beloved and respected by all. In the process, we sincerely ask for your continued support as we take a bold new step into the future.
Hyosung Group engages in a large variety of industrial and technological areas. The companies operate through the following business areas: Industrial Materials, Textile, Chemicals, Construction, Trading, Information, Communication, Power and Industrial Systems. The Industrial Materials business area handles tire cord production facility, technical yarns, carpets, and aramids.
|Some executives of the Hyosung Group visited the Community Chest of Korea located in Seoul and donated 1 billion Won in a year-end “Help the Needy” program on Dec. 27, 2017.|
The textile business area provides spandex, polyester, nylon yarns textiles and dyed products. The chemicals business area exports such products as terephthalic acid, polypropylene and other chemicals.
The construction business area provides services such as reconstruction, redevelopment commercial, office facilities, civil works, environment works and social overhead capital business.
The trading business area offers trading services mainly based on its steel and chemical business. The information and communication business areas offer products such as automated banking machines, data storage, mobile solutions, content delivery network and light-emitting diode.
|Global Network of the Hyosung Business Group.|
The power and industrial systems business area manages transformers, switch gears motors, industrial pumps and wind energy. The company was founded on Nov. 3, 1966 and is headquartered in Seoul.
Hyosung Group, as was briefly mentioned at the beginning of this report, is especially deeply involved in the economic development of Viet Nam and contributes to the development and promotion of cooperation between Korea and Viet Nam.
According to a report of Vietnam Investment Review on Feb. 15, 2018, Hyosung decided to pour US$6 billion into Vietnam’s chemical and heavy industries.
South Korea's leading textile and chemicals firm, Hyosung Group, intends to invest $6 billion to enable Vietnam to become a global manufacturing base for the chemicals and heavy industries.
Chairman Cho said that the group commits to strengthening co-operation with Vietnam, not only in processing spandex and yarn for automotive tires, but also in the chemicals and heavy industries. Their detailed plan for expanding investment has been outlined.
In 2017, Hyosung poured a total of $1.3 billion into a polypropylene manufacturing plant and liquefied petroleum gas (LPG) underground storage in Cai Mep Industrial Zone of Ba Ria-Vung Tau province. Besides, Cho revealed that Hyosung is considering establishing a production plant in Quang Nam province.
Hyosung has set out a strategy for semi-finished products in Vietnam based on cost competitiveness. The semi-finished products will be turned into finished products at a plant in Changwon, Korea, then will be exported to other countries. This strategy will raise export value as well as improve the productivity of the plants in South Korea.
When the projects are complete, Hyosung Vietnam could supply products for all segments of the world market.
Expanding investment in chemicals and heavy industry will enable Vietnam to become a global manufacturing base for both, with various plants producing four major product groups.
“When the projects are complete, Hyosung Vietnam could supply products for all segments of the world market,” noted a representative of Hyosung Group.
As was briefly mentioned earlier, at a meeting with Prime Minister Nguyen Xuan Phuc on Feb. 8, 2019, Chairman Cho also mentioned infrastructure projects in Vietnam. He said that the group has considerable experience in the implementation of power construction and transmission projects. Hyosung’s technical foundations, along with technology transfer, will enable Vietnam to become an exporter of transformers rather than an importer.
He also intends to co-operate with other firms and promote IT projects in the fields of energy storage system (ESS), ATM, e-payment, and fintech. The two countries expect to hold Korea Investment Forum to further lure Korean investors to Vietnam.
Earlier, in 2007, Hyosung invested US$1.5 billion into a plant at Nhon Trach 5 Industrial Zone to produce textiles and core industrial raw materials, such as spandex yarn, yarn for automotive tires, steel, and electric motorcycles. This plant is based on an area of 90,000 square meters and has 7,000 workers.
Excerpts from the chronological developments at the Hyosung Business Group:
2019: Hyosung TNC participates in SaigonTex 2019. Hyosung Heavy Industries participated in GRIDTECH-2019 in New Delhi, India. Hyosung Heavy Industries conducted the sale of Cheongryangri Station Harrington Place. Hyosung Chemical held the 1st shareholders' regular general meeting.The Class Hyosung signed an MoU with Citibank. Hyosung Heavy Industries joined Hydrogen Energy Network (HyNet), an alliance of hydrogen charging station businesses
Hyosung TNC participated in 2019 Daegu International Textile Fair (PID, Preview in Daegu). Changwon Plant received the Plaque of Appreciation from Changwon City for social contribution. Hyosung TNC participated in 2020 S/S Première Vision. Hyosung Chemical held Corporate Day in Singapore and Hong Kong. Hyosung ITX commercialized the AI Chatbot customer service center. Hyosung Heavy Industries won Green Energy awards at Korea Green Car Awards. Hyosung Information Systems Opens Data Center Solution Demonstration Center.
2018: Hyosung Advanced Materials established a new tire cord production corporation in Vietnam. Hyosung TNS received a citation from the Mayor of Gangnam-gu for superior volunteer work. Hyosung ITX established voice recognition counseling support system for CJ Hello. 'Prizma' of Hyosung received 2018 IR52 Jang Yeong-sil Award. The joint IR session Corporate Day was held. Governor Yuan Jia Jin of China's Zhejiang Province visited the head office of the Hyosung Group. Supported the job creation for women and physically disadvantaged persons. The holding company and 4 other companies were spun off. Hyosung R&D Business Labs acquired new technology certification for its brightness enhancement film. Hyosung joined the 2nd Korea-India Business Summit. Hyosung TNS received a citation at Disability Employment Promotion Conference 2018. Song In-sang was selected as the key individual to be remembered for February.
2017: Chairman Hyun-Joon Cho was inaugurated. Nautilus Hyosung Gumi Plant signed the tripartite CSR agreement. 20th anniversary of Hyosung Capital. Changwon Plant attained the highest level in the Korea Occupational Safety & Health Agency's ‘Win-Win Cooperation Program.’ Hyosung Harrington Square was completed near Gongdeok Station.
2016: The Industrial Machinery Performance PU became the first in Korea to develop the 15MW water-turbine generator. The Interior PU completed the construction of the Qingdao Plant in China. Received the grand prize in the science and technology research category at ‘Jung Jin-ki Media-Culture Award.’ Received the Minister of Land, Infrastructure and Transport's award at Green Construction Industry Awards
POK Business Team acquired the automotive quality management system certification.
Hyosung GoodSprings PU received the Minister of Trade, Industry and Energy's citation. 50th anniversary of Hyosung Group. Received the Prime Minister's citation at Korean National Sharing Awards 2016. Received the Minister of Trade, Industry and Energy's Climate Week award for ‘its contribution to reducing greenhouse gas emissions.’ Hyosung ITX Co., Ltd. received the Minister of Gender Equality and Family's award for excellence in Work-Life Balance.
Its operating profit in 2016 exceeded KRW1 trillion and the company subsequently joined the ‘KRW1 trillion Club.’
2015: Opened the company pre-kindergarten in Changwon Factory and Head Office in Mapo. Selected as ‘The Excellent supporter of Culture and Art’ by the Ministry of Culture, Sports and Tourism. Established ‘Creative Economy Supporting Team.’ Hyosung ITX Co., Ltd. received the Bronze Towel Order of Industrial Service Merit in recognition of its contribution to job creation. Hyosung Information System PU became No. 1 in the high-end storage market. The Mapo headquarters and Changwon Plant opened employer-supported childcare centers. Signed the MOU for the Baegun Knowledge & Culture Valley urban development project. Signed the MOU for supporting the fostering of industries specialized for Jeollabuk-do. Opened the Carbon Business Incubation Center in Jeonju. Acquired Best Family Friendly Management Certification in 2015.
2014: Power Systems PU supplied 100Mvar STATCOM(Static Synchronous Compensator) to Shinsungnam Substation. Spandex PU acquired the certificate of ISO/TS 29001 for the first time in Korea. Hyosung GoodSprings completed the largest ‘pump test center’ in the world. Industrial machinery PU supplied the 1st CNG re-filling center for taxi in the country. Power Systems PU took the order of substation amounting to US$ 100 million from Algerian Power Authority. Power Systems PU completed photovoltaic power plant in Mozambique and supplied electric power. Extended Spandex Factory in Vietnam. Built Polyketone factory. Construction Sector exceeded 1 trillion KRW in order value. Acquired the certification of HS90 new-recycled energy equipment for wind force generator in 2MW from DEWI-OCC, Germany. Acquired the international certification for maritime wind force generation system in 5MW for the first time in Korea. Opened ‘Some Sevit’, the waterside cultural space at Han River. Established Jeonbuk Creative Economy Innovation Center. Won the prize of 2014 Korea Technical Grand Prize for high performance carbon fiber TANSOME®.
2013: Launched brand of carbon fiber TANSOME®. Industrial machinery PU acquired the certification IECEx Service Facility. Hyosung R&C Center acquired the certification of hollow fiber membrane, membrane module in pressurized type. Completed carbon fiber factory in Jeonju. Participated in industrial innovation movement 3.0 to conclude the agreement of contributing fund for accompanied growth.Neochem PU won the prize of '2012 Global Preferred Supplier.' Packaging PU launched new beverage products (Jung Foods Vegemil, Green Tea, soybean milk latte, etc). ESS(Energy Saving System) business won the Prize of ‘2013 Frost & Sullivan Korea Award Products Strategy.’ Won the prize of 'Chairman of Health and Welfare Committee in National Assembly' in the 1st Korea Sharing Happiness Social Contribution Prize. Packaging PU launched new beverage products (2 new products of Aroma of Green Tea and Genuine Corn Hair Tea of Paris Baguette). Medical service team 'Smile Expedition' enforced service activity in Vietnam Factory(Nhon Trach, Dongnai Province). Textile PG was selected as 2013 Great Work Place in Korea enforced by KMAC(Korea Management Association Consulting)
Industrial machinery PU concluded the agreement of electric motor of pump for seawater desalination of PJT in the 3rd stage of Yanbu with Dorishima Manufacture in Japan. Established the 1st Goodwill Store, a social business. Developed ‘Polyketone’, the new materials of polymer. Gumi factory acquired the PSM 'P' grade for 2 consecutive years. Won the prize of Minister of Education in 2013 Korea Educational Donation. Power Systems PU acquired the certificate of '2013 global top products' for gas insulation switch. Took the order of ‘membrane water purification system’ for water quality improvement business from Jeollanamdo. Tire & Industrial Reinforcement Materials PU acquired the certificate of internationally circulated carbon labeling. Yongyeon Factory held groundbreaking ceremony for propylene factory.
2012: Selected as the 'charging system business' of Korea Electric Power Corporation's (KEPCO) EV sharing pilot project. Neochem PU won '2011 Global Most Improved Supplier' award from LINDE in Germany. Power & Industrial Systems PU R&D Center commercialized 1kW dual cell stack for home fuel cells. Industrial Machinery PU signed an agreement with Korea Gas Safety Corporation to obtain IECEx and ATEX for 25 electric motor types. Packaging PU launched new beverages (including Del Monte Cold). Power & Industrial Systems PG signed a contract for electrical power grid construction in Qatar. Power & Industrial Systems PG delivered the first product of its solar inverter. Vietnam Smile Expedition won KPRA Korea PR Awards for its Global PR. Company newsletter <HYOSUNG> won 'Chairman's Prize of Korea Clean Contents National Movement Association' in Company Newsletter of '2012 Korea Communication Awards.' Tire & Industrial Reinforcement Materials PU completed construction of Thailand JV steel cord plant with SEI. Packaging PU produced Seoul Dairy Cooperative's new Dotoru products. Nautilus Hyosung won the '2012 Red Dot Design Award.'
2011: Gwanghyewon factory introduces PS Call-based quality control system. Power & Industrial Systems PG has signed an MOU with Electric Insulation Research Center, Seoan Traffic University for joint research and development. Tire & Industrial Reinforcements PU extends its MOU with Michelin for another 5-year’s supply
Gwanghyewon factory selected as Best Partner for Clients 2010. Three types of intelligent electronic devices for automation of digital transformation acquired IEC 61850 from KEMA, the Dutch-based international certificate authority. Nautilus Hyosung signs an MOU with SKT for ‘Smart Branch.’ Donated 500 million won to “Bridge of Hope Korea Disaster Relief Association” for the flood damage recovery. Developing the country’s first Carbon Fiber. Built spandex plant in Brazil.
2010: Received Tower of Exports Order for $4 Billion in exports(The 47th Annual Trade Day). Built steel cord plant in Vietnam. Signed agreement to build spandex plant in Brazil. Signed contract to build electrical power grid in Qatar. Launched transformer substation construction project in Algeria. Supplied 50MVA STACOM to KEPCO for the first time in Korea. Hyosung EBARA Engineering launches sewage treatment business in Algeria. Participated in 2010 Shanghai Expo. Hyosung R&D Business Labs received Awards for Creativity in Science and Technology and Honors from Vice-Minister of Education, Science and Technology for developing the country’s first TAC film.
2009: Declared the Hyosung Way. Built aramid fiber plant. Built TAC film plant. Hyosung Capital merged with Star Lease Co., Ltd. Established Hyosung Toyota Corporation
Signed MOU to build power generation and wind turbine plant with Korea Southern Power Co. Received international certification for 750kW gear-type wind turbine(DEWI-OCC, Germany). Xanadu polyester fibers selected as Next-Generation World-Class Product by Ministry of Commerce. Hyosung R&DB Labs received Presidential Award for Merit of promotion of Science and Technology (Korea Industrial Technology Association).
2008: Built spandex plant in Turkey and Vietnam. Acquired Chinhung International, Inc.
Expanded ultra high voltage power facility. Built tire cord plant in Vietnam. Built plant for Nantong Hyosung Transformer Co., Ltd. In China. Built Photovoltaic Power plant in Taean, Chuncheongnam-do.
2007: Production started by Neochem PU at Yongyeon Plant. PP 'R200P' for piping selected as World-Class Product by Ministry of Commerce. Founded subsidiaries in US and Brazil. Polyester-based electricity-conducting yarn conjugate spinning technology certified as new technology by Ministry of Science and Technology. Acquired Dongguk Trade’s plant in Zhuhai. The Class Hyosung Co., Ltd. ranks #1 in customer satisfaction for 3 consecutive years. Built spandex plants in Turkey. Cumulative production of circuit breakers reached 10,000. Started conservation of Kim Gu’s refuge historical heritage site in China. Signed contract to acquire Star Lease Co., Ltd.
Built tire cord plant in Vietnam. Built Photovoltaic power plant in Miryang. Released recycled-fiber Mipan Regen.
2006: Introduced brand management system. Acquired China’s Nantong Transformers Co., Ltd. Acquired part of Germany’s Agfa Photo’s property. Successfully developed Korea’s first wind turbine power generation system. Selected as the ’Most Respectable Company’ for three consecutive years. Erected Founding CEO Hong-Jai Cho’s statue in DongYang Mirae University. Built steel cord plant in Nanjing, China. Celebrated 100th Anniversary of Founding CEO Hong-Jai Cho’s birthday. Signed $32 billion contract to supply tire cords. Acquired four plants from Goodyear. Launched gaming business with Hyosung CTX.
2005: Built nylon film plant in Jiaxing, China. Built transformer plant for Baoding Hyosung Tianwei Transformer Co., Ltd. in China. Built nylon film plant in Gumi
Hyosung Information System received Minister of Information and Communication Award. Signed long-term contract with Michelin worth $650 million; acquired local plant. Polyester PU received ISO 9001, ISO 14001 certifications. Built China’s first 750kV transformer substation. Received Prime Minister’s Award for Excellence in Training and Education.
2004: Earned the TPA PU ISO 14001 certification (Yongyeon Plant). Work for the spandex Plant in Zuhai, China completed. Work for expansion of the nylon film Plant in Gumi completed. Work for the transformer Plant in Baoding, China completed.
Introduced garment yarn nylon 66 Zenio onto the market. Work for expansion of the spandex Plant in Gumi completed. Signed a supply contract for 750kV switchgear with Northwest Street Power Grid Corp, China. The Tire Cord Plant in Jiaxing, China completed. Introduced Ion-free, PTT carpet (Interior PU). Earned the ISO/TS 16949:2002 certifications (Eonyang Plant). ISO 9001:2000, ISO/TS 16949:2002,
Earned the ISO 9001:2000, ISO/TS 16949:2002, ISO 14001:1996 certifications (Nylon Fiber PU). Developed Mipan Nano Magic Silver. Hyosung Dryvit changed its name to Hyosung Innotech Inc. 2003: Yarn for nylon 66 airbag was developed. Ulsan Plant obtained the ISO/TS 16949:2002 certification for Tire & Inductrial Reinforcements PU. Hyosung Steelcord(Qingdao) Co., Ltd was established in Qingdao,China. Boading Hyosung Tianwei Transformer Co., Ltd was established in Huabei Province, China. The Class Hyosung Co., Ltd., an import car sales corporation, was established. Silver fiber "Mipan Magic Silver" was developed. Hyosung Spandex(Guangdong) Co., Ltd was established in Guangdong Province, China. Hyosung Film(Jiaxing) Co., Ltd was established in Zhejiang Province, China.
2002: Hyosung Computer PU and Hyosung Data System were merged into Nautilus Hyosung Inc. Took over the tire cord Plant of Michelin in Scotsville, U.S.A. Made a long-term supply contract for tire cords with Michelin.
2001: Took over Tele Service. Adopted ERP.
2000: Expanded polyester tire cord plant. Tookover the Bridge Solution Group, Hongjin Data System and the Aegis Venture Group. Hyosung Spandex(Jiaxing) Co., Ltd was established in China.
1999: Expanded the Gumi Spandex Plant.
1998: Hyosung T&C, Hyosung Corporation, Hyosung Living Industry and Hyosung Industries consolidated into Hyosung Corporation
Realigned organization into 5 Performance Groups and 31 Performance Units.
1997: Established Hyosung EBARA Engineering Co., Ltd. Established Hyosung Finance Co., Ltd. Completed the Beijing Computer Plant. Completed the Cheongwon Home Carpet Plant. Textiles PG received ISO 9001 certification. Information & Communication PG received ISO 9001 certification.
1996: Changed the name of Tongyang Nylon to Hyosung T&C Co., Ltd. Changed the name of Tongyang Polyester to Hyosung Living Industry Co., Ltd. Established Hyosung VINA in Vietnam. Increased PP capacity from 110,000 tons to 230,000 tons. Started polyester film business. Reached \1 trillion in sales. Established the nylon film plant in Daejeon. Hyosung Living Industry received ISO 9001 certification for all its products. Power & Industrial PG received ISO 9001 certification for all its products.
1995: Completed the Daejeon Tile Carpet Plant. Completed Gumi Plant II (fabric). Inaugurated 21st Century Committee, Second Wave Business Launch Committee.
1994: Established Hyosung Information & Communications Co., Ltd. Completed the Jochiwon Plant. Selected for Excellence in Construction by Ministry of Transport, Civil Engineering and Tourism.
1993: Head office building moved to Kongduk-dong, Mapo-gu, Seoul. Developed PREMO, a wastewater treatment microbe product. Received ISO 9001 certification for 4 product lines, including ultra high voltage (UHV) transformers, circuit breakers, and motors.
1992: Acquire CFC nylon plant in Sri Lanka. Started producing spandex at Anyang Plant
Completed Gumi Plant I (yarn). Completed Changwon Plant V (gear reducers).
1990: Completed the Yongyeon PP & Propylene plant. $500 million in exports. Established Hyosung Living Industry Scholarship Foundation.
1989: Launched PP and propylene business. Established Hyosung EBARA Co., Ltd. Applied for trademark of the TOPLON to 40 foreign countries.Completed Changwon Plant IV (electric panel products).
1988: Established Resin Research Division.
1987: Established Korea Engineering Plastics Co., Ltd. Acquired Wonmi Textile Industries Co., Ltd. Built 3rd plant in Changwon (rotary machines).
1986: Established Hyosung Hitachi Data Systems(currently Nautilus Hyosung). Founded training institutes. Construction PG selected as Best Builder by Korea National Housing Corporation.
1985: Established Hyosung NAS Co., Ltd.(now Hyosung Information System Co., Ltd.). Built Anyang General Training Institute.
1984: Merged Toplon Co., Ltd. Merged Hyosung Construction Co., Ltd.
1983: Established Electronic R&D Center. Started exports of motors to the United States.
1982: Exported tire cord technology to India. Exported 230kV special steel towers to Bangladesh.
1980: Established Hyosung BASF Co., Ltd. Completed the Gumi Computer Plant.
1978: Established Power & Industrial Systems R&D Center. Was awarded for the Best Quality Management System. Developed BCF yarns for carpets.
1977: Completed the Changwon Plant.
1976: Acquired Tongyang Educational Foundation.
1975: Acquired Hanyoung Industries Co., Ltd.
1973: Established Toplon Co., Ltd. Established Tongyang Polyester Co., Ltd. Established Tongyang Dyeing Co., Ltd.
1971: Established Research Institute.
1970: Acquired Hanil Nylon Co., Ltd.
1969: Developed Korea’s first 154kV high-voltage transformer.
1968: Completed the Ulsan Plant.
1967: Completed the tire cord plant in Ulsan.
1966: Established Tongyang Nylon Co., Ltd.
Choe Nam-suk firstname.lastname@example.org
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