Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
Newly-launched HS Hyosung vows to pursue value creation
Cho Hyun-sang, center, vice chairman of HS Hyosung, poses for a selfie with employees during a town hall meeting, June 27. Courtesy of HS Hyosung
By Baek Byung-yeul
HS Hyosung, a newly launched holding company of Hyosung Group, has set its goal to create value for all stakeholders, according to the group Sunday.
On the occasion of the launch of HS Hyosung on July 1, its Vice Chairman Cho Hyun-sang held a town hall meeting, Thursday, where he stated that the goal is to provide value to customers, shareholders, employees, partners and the community.
"We must prioritize value as our core DNA to provide excellent value to our customers and shareholders, ensure our activities have a positive impact on the future of humanity and make all HS Hyosung family members happy," Cho said during the meeting.
"HS Hyosung will prioritize enhancing value for all stakeholders, including shareholders, customers, HS Hyosung family members, partners and the community, and pursue value management to grow together,” the vice chairman added.
HS Hyosung is one of the two holding companies of Hyosung Group, along with Hyosung Corp. The group, with business areas spanning textiles, advanced materials, chemicals, heavy industries, construction and trading, approved a plan to split into two holding companies — the existing Hyosung Corp. and the newly established HS Hyosung — at an shareholders' meeting on June 14, effective July 1.
In February, around a month before Hyosung Group Honorary Chairman Cho Suck-rai passed away in March, Hyosung announced the group would be restructured into two holding companies, with the late chairman’s eldest son and Hyosung Group Chairman Hyun-joon taking charge of Hyosung Corp., and the third son Hyun-sang leading HS Hyosung.
HS Hyosung includes subsidiaries such as HS Hyosung Advanced Materials, HS Hyosung Information Systems, HS Hyosung Holdings USA, HS Hyosung The Class, HS Hyosung Toyota, HS Hyosung Global Logistics Vina, and Kwangju Ilbo. The new holding company has annual sales of around 7 trillion won ($5 billion), with about 90 global bases and 10,000 employees.
A day after the town hall meeting, the vice chairman visited Purme Social Farm in Yeoju, Gyeonggi Province, with about 30 employees to help harvest and package crops alongside young adults with developmental disabilities.
"I find it very meaningful that HS Hyosung's first external event begins by helping others rather than focusing on ourselves," the vice chairman said.