By Lee Hyo-sik
Staff Reporter
Kumho Asiana Group is considering making inroads into the shipping and financial industries in an effort to find new growth engines.
Chairman Park Sam-koo told reporters Monday that Korea's seventh-largest conglomerate will look into ways of strengthening its marine transportation business to create synergy with its newly acquired Korea Express, the country's largest ground-based logistics company, and Asiana Airlines.
Park also said the group will make Kumho Life Insurance public as early as the second half. ``When market conditions improve, we would like to offer shares of our life insurance unit within the year. We will not engage in retail brokerage businesses but mange insurers' assets. We are considering setting up an asset management unit,'' he said.
But the chairman said he has no plan to engage in mergers and acquisitions (M&A) at the moment, stressing the group will focus on upgrading Korea Express and Daewoo Engineering & Construction (E&C). Kumho Asiana took over the delivery firm early this year and the builder in late 2006.
``Korea Express operates four cargo ships. We are thinking about expanding the shipping business to generate positive effects with its land-based logistics operations and airborne cargo transportation of Asiana Airlines,'' Park said.
The chairman also said to emerge as a global logistics company, the group will establish a strong foothold in China, Vietnam and other emerging economies, not in advanced markets. ``The true meaning of globalization is to do business in the market where you can win,'' Park said, adding Kumho Asiana was successful in acquiring Korea Express and Daewoo E&C as it knew more about them, and understood the logistics and construction markets better than its competitors.
He said the group has no immediate plan to take over new companies, noting he will make every effort to enhance Korea Express and Daewoo E&C and turn them into an undisputed industry leader.