Hyosung Seeks to Emerge as Global Player
Hyosung Group is seeking to expand its reach across the globe and emerge as one of the leading manufacturers of tire cord, electrical equipment and high-tech fabrics under the corporate vision of ``Global Excellence.''
The group plans to make an all-out effort to become the No.1 in all its business areas at home and abroad, as well as to upgrade its corporate value and achieve long-term growth.
Currently, the country's 26th largest conglomerate operates 50 overseas subsidiaries in North America, Europe and Asia, employing more than 6,000 workers. According to the United Nation Development Program, the group became one of the 100 largest companies in the world last year in terms of the size of investments in emerging economies.
The company has been executing its global business strategy to efficiently operate overseas manufacturing networks in production of a range of products, including tire cord, transformers and spandex.
``We are also making an effort to nurture globally talented workers equipped with foreign language skills and expertise in our respective business field. In order to provide reliable and state-of-the-art goods to consumers, we are expanding research and development (R&D) activities, and increasing organic cooperation among our marketing, manufacturing, research and other business sectors,'' group vice president Um Sung-yong said.
Hyosung, the world's largest producer of tire cord, is expanding its reach in the U.S., China, and other Asian markets. It recently decided to invest $160 million over the next three years to construct a plant in Vietnam to produce 53,000 tons of tire cord annually.
Also, the group is the second largest producer of spandex and operates a number of manufacturing facilities in China. It plans to spend $130 million by 2009 to build a factory capable of making 15,000 tons of spandex in Europe to expand its market share there.
Hyosung has advanced into other businesses, such as financial services and electronic materials, as part of its effort to foster future growth engines.
It is also an active player in alternative energy business. Since 2006, it has produced wind turbines as well as solar panels, and plans to emerge as one of the leading alternative energy equipment providers in the world by 2010.