Kumho Petrochemical seeks new growth engines
A Kumho Petrochemical worker inspects products at the company’s factory in this file photo. / Courtesy of Kumho Petrochemical
Kumho Petrochemical Group said it will thoroughly analyze the sustainability of its businesses and will enhance its competitiveness through radical reforms this year.
According to the group, Tuesday, all of its employees are trying their best in the fields of manufacturing, sales and management, so as to cope with the rapidly changing business environment.
“While maintaining our supremacy in our existing businesses, we are considering cooperating with different industries to keep pace with the changing trends,” a Kumho Petrochemical Group official said. “We will also seek new growth engines.”
Given that demands for synthetic rubber products are expected to grow further this year, Kumho Petrochemical will produce more major synthetic rubber products and will enhance added value of high-functional products.
In addition to these efforts, the company will boost ties with global tire manufacturers so as to deal with the growing demands in both developing and developed countries facing economic recoveries.
The company said it will also focus on its recently launched businesses.
According to the company, it will produce more carbon nanotubes, because the use of the material, which can be combined with synthetic rubber and resins for higher intensities and lighter weight, will increase.
Its division for sealant, a substance used to glue displays, has been diversifying products as well, ahead of expansion of the flexible display market.
A division for its energy business will enhance energy efficiencies and eco-friendlier procedures. The company’s cogeneration plant in Yeosu, South Jeolla Province, is looking for ways to enlarge output and reduce costs.
Kumho Petrochemical Group will not only stabilize operations of its existing businesses regarding wind and solar power generation, but also consider using next-generation green energy sources.
The group’s other affiliates will come up with various measures as well.
Kumho P&B Chemicals, the group’s chemical affiliate, will increase production of its phenol and acetone. The outlook for market conditions of the chemical products, which are designated as world-class products by the nation’s industry ministry last year, is brighter than last year.
The company is pushing ahead with relocation of its laboratory to Gimpo, Gyeonggi Province, to enhance competitiveness of its research in epoxy resin. It will hire additional researchers and carry out a reshuffle as well.
Kumho Mitsui Chemicals, the group’s other chemical affiliate, will reorganize its regional portfolio in America, Europe and Asia for diversification of MDI exports. Expecting a gradual increase of the chemical, the company will produce 340,000 tons of MDI from this year following establishment of additional facilities.
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