Hyosung nurtures recycled fiber business, leadership program

Hyosung Group/ Korea Times file

By Yi Whan-woo

Hyosung Group is pushing to rev up its eco-friendly fiber business, seen as its next growth engine, amid growing global awareness toward sustainable development.

The conglomerate is also bolstering leadership training programs while enhancing cooperation with its partners, many of them small- and medium-sized enterprises (SMEs), as part of efforts for co-prosperity in the pandemic era.

All these measures are in accordance with environmental, social and corporate governance (ESG), which has emerged as a keyword for Korean enterprises in their drive for sustainable growth.

The eco-friendly fiber business is managed by the group's affiliate Hyosung TNC. It manufactures nylon, polyester and spandex, all made out of recycled plastic bottles, under the brand Regen.

Last year, Hyosung TNC launched a joint project with Jeju Special Self-Governing Province, bottled water brand Jeju Samdasoo and global outdoor brand The North Face.

Under the project, Jeju Samdasoo supplies its used bottles to Hyosung TNC, which uses them to manufacture its Regen Jeju fiber, which is then supplied to The North Face.

Earlier this month, the outdoor brand introduced clothes and bags made out of Regen Jeju. The clothing items required processing 100 used bottles and the bags required 16 used bottles.

“We have been paying attention to sustainable growth even before Korean companies in general jumped on the ESG bandwagon,” a Hyosung Group public relations officer said, noting Regen was launched in 2007.

This was years before many companies here began to take ESG into account in management.

Without giving details, the officer said the sales of Regen increased by 20 percent between 2019 and 2020 in its explanation of the eco-friendly fiber business as its next growth engine.

“We will continue to pursue sustainable growth and nurture related projects,” she added.

Hyosung Group Chairman Cho Hyo-joon, second from left, talks with President Moon Jae-in during Moon's visit to the conglomerate's carbon fiber plant in Jeonju in this photo taken in August 2019. / Korea Times file

The conglomerate's eco-friendly business roadmap includes Hyosung Heavy Industries' construction project of the world's largest liquid hydrogen plant and Hyosung Advanced Materials' plan to produce 24,000 tons of carbon fiber annually.

The company has also been offering six-month, one-on-one mentoring sessions for newly hired workers, plus customized training programs for workers in different levels of management hierarchy.

For executives, Hyosung Group runs a short-term MBA program. It is designed to help building professional knowledge on business strategy, marketing, production, human resources management, accounting and leadership through case studies.

In his New Year address, Hyosung Group Chairman Cho Hyo-joon vowed to strengthen ties with partner companies for co-prosperity.

The conglomerate accordingly has helped the partners to join trade fairs and other business events within and outside Korea.

Among the fairs were Preview In Seoul, Preview In Daegu, Intertextile Shanghai and ISPO Munich, all for textile businesses.