Hyosung President Cho Hyun Joon Takes the Company to a Higher Level on the Back of New Materials and Big Data Platform Business
Hyosung President Cho Hyun Joon emphasizes continued quality improvement and new market exploration on the basis of original technology
President Cho supports new growth engines by providing world-class total energy solutions
President Cho seeks to foster new businesses by grafting information technology and knowhow to them
September 08, 2017 19:30 KST
SEOUL--(Korea Newswire) September 08, 2017 -- Despite a global economic crisis, Hyosung Group recorded an outstanding performance last year when it marked its 50th anniversary. It posted 11.9291 trillion won ($15.73 billion) in sales and 1.0163 trillion won in operating profit. For the first quarter of this year, it kept up the upswing with 2.8711 trillion won in sales and 232.3 billion won in operating profit. Its net profit for the first quarter increased 27 percent to 161.1 billion won from a year earlier (126.9 billion won).
This rapid growth is attributable to Hyosung President Cho Hyun Joon’s commitment and will to secure original technology and his active investment in technology. It is a result of Hyosung’s global competitiveness raised through the development of original technology, the improvement of services to existing customers and the acceleration of customer-centric marketing to secure new customers even as global competition was made tougher by the rising prices of raw materials.
President Cho Hyun Joon plans to sustain Hyosung’s growth this year by providing customer-oriented products and services continuously, setting up a global production network, finding new customers to raise competitiveness and securing core technologies needed for new businesses. He will be attentive to the needs of customers, business partners and on-the-scene workers in making Hyosung’s own technological edge the DNA of its success.
Cho plans to focus on improving quality and finding new markets on the basis of Hyosung’s original technologies to beat competitors at home and abroad without being shaken by changes in the market environment.
◇Support for new growth engine by providing world’s best total power solutions
Hyosung’s Power & Industrial Systems Performance Group turned to profit in 2014 after three straight years of loss. Last year, it recorded 189 billion won in operating profit, marking a prominent progress in performance. The group has received a favorable evaluation that it has secured competitiveness by strengthening marketing campaigns in many overseas markets including the US, Saudi Arabia and Europe and at the same time innovating product quality.
President Cho Hyun Joon plans to step up overseas business around STATCOM (static synchronous compensator) which only Hyosung produces in Korea. For the first time as a Korean company, Hyosung won orders from India and Panama in 2015 to provide STATCOMs. Last year it outbid global competitors for a STATCOM supply deal with KEPCO, Korea’s state-run power monopoly. The STATCOMS to be installed in substations in Sinchungju, North Chungcheong Province and Sinyeongju, North Gyeongsang Province are the world’s largest in scale for a single facility installation.
◇Promotion of new growth businesses grafted onto IT, such as financial equipment and cloud services
Nautilus Hyosung won a deal with Sber Bank, Russia’s largest national bank, last year to supply 7,000 bank note recyclers over the two-year period. The Hyosung unit began to provide ATMs to the Bank of America as the sole supplier for its next-generation branch innovation project. Currently, Nautilus Hyosung supplies its own automated financial machines such as recyclers and self-banking solution NBS (New Branch Solution) to major banks in about 30 countries, including the US’ Chase Bank, Russia’s Sber Bank and Indonesia’s BCA. President Cho Hyun Joon plans to meet the needs of customers by developing all sorts of services and functions with technology and knowhow Nautilus Hyosung has long accumulated in the field of financial information technology. He also plans to increase annual ATM production at a Huizhou, China-based plant to 75,000 units by 2018.
President Cho Hyun Joon plans to expand SI (System Integration) and SM (System Management) businesses from Hyosung ITX, Hyosung’s IT subsidiary which is emerging as an industry-leading internet of things (IoT) company. He established an R&D center in Hyosung ITX and has since extended its business to big data analysis and IT security on the basis of cloud computing solutions. He plans to wrap up the substation AHMS (Asset Health Management Solution) project this year. AHMS is a solution to maximize energy efficiency by utilizing Hyosung ITX’s information and communication technology together with Power & Industrial Systems Performance Group. He plans to foster Hyosung into a total energy solution provider which will lead the world power transmission and distribution market by grafting IoT and big data technology onto its globally recognized power business.
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