Various stories of activities brought to you by Hyosung Heavy Industries
Hyosung Chairman Hyun-Joon Cho met with Mexican President Andrés Manuel López Obrador at the Presidential Palace in Mexico City on November 6 and discussed business cooperation plans including the “Rural ATM project,” the Mexican government’s key welfare policy.This meeting was arranged after Hyosung TNS, Hyosung’s IT affiliate, recently received the order of all 8,000 ATMs (worth KRW 203 billion) needed for the large-scale welfare policy “Rural ATM project,” under the direct leadership of Chairman Hyun-Joon Cho.□ Chairman Hyun-Joon Cho says, “We will contribute to improving the welfare and the quality of life in Mexico.”During this meeting, Chairman Hyun-Joon Cho thanked President Obrador for giving Hyosung the opportunity to participate in the massive project and expressed his hope to contribute to improving the quality of Mexican people’s lives as well as to developing its economy by actively participating in power infrastructure projects and renewable energy projects such as photovoltaic power.Especially, Chairman Cho noted that “I was deeply impressed by the Obrador administration’s policy and philosophy that prioritizes people’s livelihoods.” “This Rural ATM project will become a crucial opportunity for Hyosung to fulfill its corporate social responsibility beyond the level of business seeking profits,” emphasized the chairman. In addition, Chairman Cho vowed, “We will do our best to improve the quality of life of the people and strengthen the welfare delivery system of Mexico by completing the project seamlessly so that Mexican people can use ATMs without any inconvenience.”In response, President Obrador stressed the importance of the Rural ATM project and said, “Since Hyosung has world-class ATM technology, which is the core of this project; let's work closely together for the success of the project.” “I look forward to seeing you again after the project is successfully completed,” added the president.□ Hyosung TNS wins the order of 8,000 ATMs for Mexico’s ‘Rural ATM project’ in MexicoIn Mexico, the world’s 15th largest economy by GDP, 20 million people or 17% of the total population of 120 million are receiving welfare subsidies but 75% of the country’s land is in the blind spot of financial services.As a result, the government’s welfare subsidies have not been properly delivered to vulnerable groups in many cases, so the Mexican government has been pushing for the “Rural ATM project,” through which beneficiaries can withdraw cash directly from ATMs using a welfare card.The successful order for this project was possible by bolstering the sales network with the Mexican government under the command of Chairman Cho from the beginning stages in early 2018. Hyosung TNS will solidify its status in the market by delivering 8,000 ATMs by the end of 2020, expanding its ATM market share from the current 2% to 15%. Hyosung TNS ranks first in the US ATM market with 46% market share (based on 2019 annual sales).□ Also discuss cooperation in power and renewable energy infrastructure projectsAfter the meeting, Chairman Cho visited a welfare center in Mexico City, a trial operation site of the project, where he checked Hyosung TNS’ ATMs and talked with users of welfare centers to listen to feedback about the service.Chairman Cho also met with key officials of the Obrador government and asked for an opportunity to participate in Mexico’s power infrastructure projects based on Hyosung’s power and renewable energy technologies and know-how in the Mexican market, where the company is strengthening investments in the oil and gas industry and combined cycle power generation.In addition, Hyosung introduced two airbag manufacturing subsidiaries (fabric production and sewing) in Mexico and expressed their ambition to grow their businesses through continuous quality improvement.□ Continue to discuss business cooperation with top global leaders of countries such as India, Vietnam and ChinaSince his inauguration in 2017, Chairman Cho has continued his global management activities, including a series of meetings with top executives around the world. After meeting with Indian Prime Minister Narendra Modi, Vietnamese Prime Minister Nguyễn Xuân Phúc in 2018, Chairman Cho also discussed business cooperation with chief executives in key business partner countries, including China’s Zhejiang Province Governor Yuan Jiajun, Vietnamese Deputy Prime Minister Vương Đình Huệ, and Saudi Aramco Chief Executive Amin Nasser.Also, Chairman Cho has not missed out on various global exhibitions in an effort to check trends in the textile industry. Chairman Cho has listened to the voices of global customers at events such as Interfiliere Paris 2019, the world’s largest lingerie and swimsuit exhibition held in Paris, France as well as Intertextile Shanghai, China, which is the largest textile market in the world.*About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
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Hyosung Chairman Hyun-Joon Cho met with Mexican President Andrés Manuel López Obrador at the Presidential Palace in Mexico City on November 6 and discussed business cooperation plans including the “Rural ATM project,” the Mexican government’s key welfare policy.This meeting was arranged after Hyosung TNS, Hyosung’s IT affiliate, recently received the order of all 8,000 ATMs (worth KRW 203 billion) needed for the large-scale welfare policy “Rural ATM project,” under the direct leadership of Chairman Hyun-Joon Cho.□ Chairman Hyun-Joon Cho says, “We will contribute to improving the welfare and the quality of life in Mexico.”During this meeting, Chairman Hyun-Joon Cho thanked President Obrador for giving Hyosung the opportunity to participate in the massive project and expressed his hope to contribute to improving the quality of Mexican people’s lives as well as to developing its economy by actively participating in power infrastructure projects and renewable energy projects such as photovoltaic power.Especially, Chairman Cho noted that “I was deeply impressed by the Obrador administration’s policy and philosophy that prioritizes people’s livelihoods.” “This Rural ATM project will become a crucial opportunity for Hyosung to fulfill its corporate social responsibility beyond the level of business seeking profits,” emphasized the chairman. In addition, Chairman Cho vowed, “We will do our best to improve the quality of life of the people and strengthen the welfare delivery system of Mexico by completing the project seamlessly so that Mexican people can use ATMs without any inconvenience.”In response, President Obrador stressed the importance of the Rural ATM project and said, “Since Hyosung has world-class ATM technology, which is the core of this project; let's work closely together for the success of the project.” “I look forward to seeing you again after the project is successfully completed,” added the president.□ Hyosung TNS wins the order of 8,000 ATMs for Mexico’s ‘Rural ATM project’ in MexicoIn Mexico, the world’s 15th largest economy by GDP, 20 million people or 17% of the total population of 120 million are receiving welfare subsidies but 75% of the country’s land is in the blind spot of financial services.As a result, the government’s welfare subsidies have not been properly delivered to vulnerable groups in many cases, so the Mexican government has been pushing for the “Rural ATM project,” through which beneficiaries can withdraw cash directly from ATMs using a welfare card.The successful order for this project was possible by bolstering the sales network with the Mexican government under the command of Chairman Cho from the beginning stages in early 2018. Hyosung TNS will solidify its status in the market by delivering 8,000 ATMs by the end of 2020, expanding its ATM market share from the current 2% to 15%. Hyosung TNS ranks first in the US ATM market with 46% market share (based on 2019 annual sales).□ Also discuss cooperation in power and renewable energy infrastructure projectsAfter the meeting, Chairman Cho visited a welfare center in Mexico City, a trial operation site of the project, where he checked Hyosung TNS’ ATMs and talked with users of welfare centers to listen to feedback about the service.Chairman Cho also met with key officials of the Obrador government and asked for an opportunity to participate in Mexico’s power infrastructure projects based on Hyosung’s power and renewable energy technologies and know-how in the Mexican market, where the company is strengthening investments in the oil and gas industry and combined cycle power generation.In addition, Hyosung introduced two airbag manufacturing subsidiaries (fabric production and sewing) in Mexico and expressed their ambition to grow their businesses through continuous quality improvement.□ Continue to discuss business cooperation with top global leaders of countries such as India, Vietnam and ChinaSince his inauguration in 2017, Chairman Cho has continued his global management activities, including a series of meetings with top executives around the world. After meeting with Indian Prime Minister Narendra Modi, Vietnamese Prime Minister Nguyễn Xuân Phúc in 2018, Chairman Cho also discussed business cooperation with chief executives in key business partner countries, including China’s Zhejiang Province Governor Yuan Jiajun, Vietnamese Deputy Prime Minister Vương Đình Huệ, and Saudi Aramco Chief Executive Amin Nasser.Also, Chairman Cho has not missed out on various global exhibitions in an effort to check trends in the textile industry. Chairman Cho has listened to the voices of global customers at events such as Interfiliere Paris 2019, the world’s largest lingerie and swimsuit exhibition held in Paris, France as well as Intertextile Shanghai, China, which is the largest textile market in the world.*About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
Hyosung will participate in K-Fair (The World's No.1 Trade Fair for Plastics and Rubber) 2019 in Dusseldorf, Germany. K-Fair is the world's largest plastic and rubber exhibition, founded in 1952 and held every three years, in which Hyosung participates for the first time. Hyosung plans to step up its forays into the European market with its global No.1 polypropylene (PP) products.In this exhibition, Hyosung will actively promote “R200P” for PP-R pipes in the global plastic market centered on Europe and carry out marketing activities to expand the PP material market for pipes for cold and hot water pipes and transparent containers.Hyosung has established a consistent system to produce raw materials from propane to PP through its proprietary dehydrogenation (DH) process, enabling stable supply. Since 1998, Hyosung has been supplying R200P, Asia’s first product for PP-R pipes, to overseas leading pipe manufacturers. In 2006, it was recognized as a world-class product by Korea’s Ministry of Trade, Industry and Energy. In addition, Hyosung’s PP for transparent containers has high transparency and strong durability, which allows for checking contents and freshness, and is expected to draw the attention of visitors as it is phthalate-free and also obtained food contact safety certification.Hyosung Chairman Hyun-Joon Cho, who stressed the importance of direct contacts with customers, including listening to the Voice of Customer (VOC), said, “We always need to contemplate whether we are effectively conveying the message of our products to the global market and how well we are reflecting the needs of customers. We will continue to actively expand our contact points with customers in many places, including exhibitions.”Meanwhile, according to Trade Map, international trade statistics of the International Trade Center (ITC) under the World Trade Organization (WTO), Germany’s imports of polypropylene raw materials amounted to 1.89 million tons (approximately USD 3.3 billion) in 2018. Germany is the world’s second-largest PP importer after China (about 5.02 million tons, USD 7 billion) and Europe’s biggest. *About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
As part of its support for cultural and arts, Hyosung will sponsor the creation and exhibition expenses for artists at Art Space Jamsil Seoul Foundation for Arts and Culture (SFAC).Hyosung delivered a donation of KRW 50 million at the opening of “mumu,” a special exhibition held at the Platform-L Contemporary Art Center in Gangnam-gu, Seoul on October 16.The exhibition featuring about 70 works of 12 artists of Art Space Jamsil, including paintings, photographs, installation arts, and crafts will be held for two weeks from October 16 to 30. The theme of this exhibition is various “barrier free ” exhibition environments.The donation will be used for material purchases and exhibition costs of 12 artists at Art Space Jamsil. Hyosung has provided support since 2018, and last year, artworks were displayed through the special exhibition “Flowing Flow.”Art Space Jamsil is the only creative space for artists with disabilities in the visual arts sector operated by the SFAC. Each year, 12 artists with disabilities in the visual arts are selected and provided with a space in the studio, and more than 120 talented artists have been selected.Meanwhile, Hyosung has sponsored "Onnuri Sarang Chamber," an orchestra composed of disadvantaged children and adolescents since 2014 and has continued its mecenat activities designed for vulnerable groups to enjoy culture, such as hosting “Purme Little Concert”, which invites disabled children and their families since 2015.[1] Barrier-free (culture and arts) is a measure to solve the problem that people with disabilities or the elderly cannot enjoy artworks due to physical limitations*About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
Hyosung held “Family Trip of Love with Hyosung and the Purme Foundation” together with families of disabled children and youth in Buyeo and Gongju, Chungcheongnam-do for 3 days from September 20 to 22."Family Trip of Love" is part of Hyosung and the Purme Foundation's rehabilitation program for children and youth with disabilities. On this trip, 10 families of Hyosung employees and 10 families of children and youth with disabilities participated in various activities in pairs, such as making soft tofu and candles.On the 20th, the first day, participants enjoyed water sports at Lotte Resort Buyeo, and on the next day, they visited the roof tile village in Buyeo where they engaged in the hands-on experience of making candles and soft tofu as well as recreational activities. On the 22nd, the last day, the families visited Chicken University in Icheon and cooked fried chicken and pizza.This event provided a rare family outing opportunity to families with children with disabilities who did not have the luxury of going on a family trip because they usually have to go back and forth between home and the treatment facility. The families of Hyosung employees also had a time of healing where they had a better understanding of each other and learned the importance of harmonious society while spending time with families of disabled children.“Since my child has a disability, it was not easy to travel with other families. I am happy to see that not only children but also all families became friends through this trip. My kid is already asking for another trip next year," said the mother of a disabled child who participated in the family trip.One Hyosung employee said, “I take part in Family Trip of Love every year. Since this year’s trip took place for 3 days and 2 nights, we had more time to have in-depth conversations with our partner family. We had a good time and made precious memories.”Together with the Purme Foundation, Hyosung has sponsored a medical rehabilitation fund for children with disabilities who have difficulty receiving rehabilitation treatment and their families and provided various programs for 7 years since 2013.This year, the company increased the sponsorship amount to 150 million won and is offering psychotherapy or special education programs for disabled children’s siblings who could feel neglected while parents take care of their disabled child. Hyosung is expanding its support programs including a summer outing in July which invited some 20 non-disabled siblings of disabled children to provide comfort. *About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
Hyosung has been running the “Future Technology Talent Cultivation” program for natural sciences or engineering students of Korea’s top universities for 9 years.Hyosung announced on September 18 that it opened an industry-academic cooperation course for 110 undergraduate, graduate, and doctoral students of the Chemical and Biological Engineering Department at Korea University for the second semester of 2019.The industry-academic cooperation course is a project Hyosung has been carrying out since 2011 to foster future technology talent. So far, more than 1,000 undergraduate, graduate, and doctoral students in science and engineering at Korea’s top universities, including Seoul National University, KAIST, Yonsei University, and Sungkyunkwan University, have taken the course.This program follows the philosophy of technological management of Chairman Hyun-Joon Cho. Chairman Cho has emphasized that “in order for Korea to become a materials powerhouse, we should expand investment in R&D as well as secure professionals with expertise.”In this semester, for the Knowledge Management course of the Chemical and Biological Engineering Department at Korea University, 20 executives and team leaders in charge of research in high-performance fiber, petrochemical, optical film, and environmental energy materials at Hyosung R&DB Labs, including Doo-won Jang, head of the Chemical and Biological Hyosung R&DB Labs, will lecture on technology trends and outlooks in the industrial field.In particular, students will gain a better understanding of Hyosung's global No.1 products, such as spandex and tire cords, and at the same time, learn the latest technology and trends related to new-generation materials based on the global market, such as carbon fiber which is called the "staple of future industries and a new dream material."Hyosung plans to select outstanding students as industry-academic scholarship beneficiaries in an effort to nurture them into new materials experts with professional knowledge and practical skills. Selected students will be granted scholarships as well as employment for their stable study.Professor Hyun Wook Jung of the Chemical and Biological Engineering Department of Korea University said, “We expect students to grow into tailored R&D talent that will provide practical help to companies as they experience the theories that become basis of the technological competitiveness of enterprises.” *About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
Chairman Hyun-Joon Cho is emphasizing that the company should also “hear the voice of competitors” beyond the Voice of Customers (VOC), which is needed for customer-oriented management. Since May of this year, Hyosung has teamed up with the global consulting firm A.T. Kearney for the “C-Cube Project” which establishes the digital VOC platform and operating system. Hyosung plans to finish the project by February next year and apply it to the entire company. The C-Cube project will establish a customer response process based on big data with the aim to listen to the Voice of Customers (VOC), the Voice of Customer`s Customer (VOCC), and the Voice of Competitors (VOCO).First, Hyosung has built a digital VOC platform in four performance units, such as spandex and tire cord, and began its operation on September 2. Hyosung, which is now able to check the VOC, including market and technical information as well as customer complaints and response status, in real-time, is expected to maximize synergies such as profitability improvement and new sales increase.Seung-yong Cho, the CEO of A.T. Kearney who is in charge of this project, said, “This is the first case in the industry that a B2B company like Hyosung reflects customer insights into the overall management for innovation using a digital VOC platform. I firmly believe that the customer-centered management philosophy of Chairman Hyun-Joon Cho, who aims to satisfy end users beyond the company’s customers, will lead to profit generation and enhanced competitiveness.”Meanwhile, Chairman Cho, who stressed in his New Year’s address that “The answer lies in customers. The VOC is the starting point for everything,” is spearheading Hyosung’s VOC efforts, such as attending the Interfiliere Paris exhibition held in Paris, France, in July. *Cho Hyun-Joon is born in Seoul in 1968 and graduated from Saint Paul’s School in the U.S. He studied in the School of Political Science at Yale University and graduated with a master degree at Keio University, Graduate School of Law in Japan. He worked at Mitsubishi Corporation in Tokyo and Morgan Stanley Tokyo branch. In 1997, he joined Hyosung and was inaugurated as the Chairman of Hyosung Group in 2017.
