Hyosung affiliates to focus on enhancing brand value
Hyosung Chemical CEO Lee Kun-jong, left, Hyosung Advanced Materials CEO Hwang Jung-mo / Courtesy of Hyosung Group
By Kim Hyun-bin
Hyosung Group's three affiliates ― Hyosung Advanced Materials, Hyosung Heavy Industries and Hyosung Chemical ― held shareholders meetings, Thursday, reassuring their stakeholders of potential growth throughout the year.
Hyosung Chemical CEO Lee Kun-jong said he aims to increase the company's market share through the development of new products to better meet the post COVID-19 world.
Lee started off with the impact of the coronavirus on the global economy last year, including strict social distancing measures that led to a downturn in consumption and production, which affected all industries worldwide.
“This year due to the vaccine distribution and the base effect of last year, we expect to see a slight recovery,” he said. “The shortage of COVID-19 supplies and the reduction of stimulus policies in leading countries as well as financial instability could become a barrier to such a recovery.”
The company emphasized its push polypropylene and terephthalic acid (TPA) as well as commercial, packaging and film optics to increase its market share in the global arena. In addition, the company aims to provide diverse products and superb services while releasing new products for future growth and to enhance shareholder value.
Hyosung Chemical says it will do its upmost to enhance relations with clients to maximize mutual growth.
Hyosung Advanced Materials works for client satisfaction
Hyosung Advanced Materials CEO Hwang Jung-mo vowed to “Listen to clients' needs and work to enhance company brand value.”
The company emphasized the importance of mutual growth of clients and the company.
“Setting the voice of our customers as the foundation, we will focus on client value management.” Hwang emphasized. “This year we plan to analyze the industry and market demand status and set our business strategy accordingly.”
The company vowed to provide the best technology and services to improve brand value. “With the voice of our customers as a base, we plan to gain clients trust and become a global premium brand,” the CEO said.
Hwang says the company will fulfill responsible management through embedding transparent communication throughout the corporate culture.
“We will focus our management on fully utilizing IT technology data. We will set up management and market information through a database to enhance work efficiency,” he said.
The company also plans to strengthen ESG management through the development of eco-friendly materials and green energy businesses, and seeks to fully cooperate with partner firms for mutual growth.
Downing partnership
Hyosung Heavy Industries has inked a deal with England Downing to supply 50MW of energy storage systems (ESS), the company said Wednesday.
This marks the largest procurement overseas for Hyosung Heavy in the ESS sector.
The company will provide a total system -- guaranteed for 10 years ― with its power converter, battery, energy management system and ESS system.
The recent contract shows, Hyosung Heavy being recognized in the ESS sector for its quality and technology, the company said.
Through the contract, Hyosung Heavy hopes to establish strategic partnerships with other key European equipment suppliers in the future.
“With renewable energy at its core, there has been a major restructuring in the global power market,” Hyosung Group Chairman Cho Hyun-joon said. “Through the eco-friendly energy base businesses we plan to improve our client value.”