Kumho Petrochemical has forged a strategic alliance with Unison to enter the wind power generation market.
Kumho Petrochemical’s inroad into wind power is construed as a move to secure a stable profit base by diversifying its energy business portfolio amid struggles by its mainstay petrochemical business.
Kumho Petrochemical signed an agreement to forge the alliance with Unison, the nation’s representative wind power company. Under the deal, the two companies agreed on the joint development of wind power projects both in Korea and such foreign countries as Vietnam and Chile. The agreement will not only enable Kumho Petrochemical to expand its energy business portfolios, but also allow Union to secure the large-sized company as a business company, industry analysts said.
“Kumho Petrochemical plans to tap diverse businesses in the wind power generation business sector in collaboration with Unison specializing in wind power generation on top of joint development of materials and operation of wind power complexes,” a Kumho Petrochemical official said.
In 2013, Kumho Petrochemical acquired a stake in Korean Energy Generation Co., specializing in photovoltaic power to make inroads into the photovoltaic power market. The company has since expanded its business portfolios into new and renewable energy sectors such as bio mass and wood pellets.
Unison, established in 1984, is Korea’s representative wind power generation business leader. The company boasts rich expertise and experiences in such areas as wind power complex design, financing, system development and operation. Unison has completed the development of Korea’s first large-scale commercial wind farm in PyeongChang, Gangwon-do, and Yeongdeok, Gyeongsangnam-do. The company is opening them successfully on top of a wind power complex in Yeonggwang. The company has become the first to develop a wind power generation system in Korea.
Kumho Petrochemical Aims to be a Global Petrochemical Leader
Kumho Petrochemical Business Group said it is pushing ahead with its so-called Vision 2020 to be reborn into a global petrochemical leader with a target of raising sales to 20 trillion won by 2020. The ambitious vision calls for increasing the number of the world’s “No. 1 items” produced by Kumho Petrochemical from the current nine to 20 by 2020.
The business group is stepping on the gas to develop 11 more “world No. 1,” products with aggressive R&D investments.
One of the areas Kumho Petrochemical focus on with a competitive edge is the rubber segment. Kumho Petrochemical Central Research Institute has teamed up with global tire makers to work on rolling resistance and abrasion resistance in silica and carbon black compounds for high-performance tires by improving solution styrene butadiene rubber (SSBR).
The group is developing the thinner, stronger medical glove version of latex gloves, with a focus on optimal balance tailored to meet safety standards with diverse properties of matter of the synthetic latex, NB Latex, higher tensile strength and workability. The development of the dream material “carbon nano tube (CNT)” is under way. A CNT research team was inaugurated at the Kumho Petrochemical Central Research Institute to work on CNT applications, including the ones for use in automobiles, home appliances and seats.
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