Family ownership driving force for Merck

Glenn Young, managing director and representative of Merck Korea, speaks during a press conference at the Courtyard by Marriott Seoul Namdaemun Hotel in Seoul, Tuesday. / Courtesy of Merck Korea

By Baek Byung-yeul

Merck is the oldest pharmaceutical and chemical company in the world. Since it wqas established in 1668, the Merck family has grown the group into one of the leading science and technology companies with more than 54,000 employees globally.

Speaking of the success of Merck, Glenn Young, chief of Merk's Korea branch, said the company could be a global leading player as the Merck family has managed the enterprise with a long-term perspective.

“Clearly, the long term intention of the family has made the company successful for such a long time,” the managing director told reporters during a press conference at the Courtyard by Marrior Seoul Namdaemun Hotel, Tuesday.

The Merck family has survived for 13 generation _ or 350 years. The founding family has remained the majority owner of Merck's stakes as they hold a combined 70 percent stake.

“Three hundred and fifty years, that's an incredible length of time, especially if you consider everything that has happened in the world of science between 1668 and today,” Young said.

Merck has three business sectors -- performance materials comprised of specialty chemicals and functional materials for applications in consumer electronics, lighting, photovoltaic and printing technology; life sciences and healthcare.

Though the company boasts such a long history, Young said it has undergone structural changes to survive in the digital age. Through these efforts, the company recorded net sales of 15.3 billion euros ($17.9 billion) across the world last year. It also invested 2.1 billion euros in research and development last year.

As this year marks the 350th anniversary of the company, Merck has initiated various commemorative events worldwide.

The highlight of the anniversary year will be the “Curious 2018 -- Future Insight” conference scheduled to be held at the company's headquarters in Darmstadt, Germany, from July 16 to 18. The three-day conference will feature more than 35 high-profile scientists, including five Nobel laureates, who will discuss the future of science and technology.

Merck's Korea branch will have commemorative events here as well.

In collaboration with Seoul-based Geothe-Institut Korea, Merck sponsored a literary project, “The Merck Social Translating Project,” to establish cross-border networks of translators promoting contemporary German literature in 10 Asian countries.

The Korean versions of German literature were introduced at the Seoul International Book Fair and editions in the nine other Asian languages will be featured at the Frankfurt Book Fair in October.