Chairman Kim Yoon of Samyang Holdings Co. restructured Samyang Group into a holding company in 2012, creating the Samyang Holdings Co. During the process of the reform, Kim had Samyang Co. takeover Samyang Milmax, which runs flour production and the marketing operation of the flour to the tune of 137.7 billion won in annual sales. He made the decision to merge the two companies as some of their operations duplicated one another.
Early last year, Samyang Co. took over Samyang Well Food, which produces edible oil, and milk-related products such as margarine. He did not stop there. At the end of last year, he let Samyang Entech get merged with Samyang Co. to add such businesses as machinery installation, waste water treatment, measurement of environment and evaluation.
He also engineered the launch of a joint venture company named Samyang Fine Technology with Mitsubishi Chemical of Japan to enter the chemical business dealing with the production of next-generation resin for the ion exchange as a future growth engine.
The overhaul of the group’s operation, also included moving the packaging operation from Samyang Co. to Samyang Packaging showing that Kim is not afraid of investing in any business if it has a very good potential for growth and profits.
Kim also went full speed ahead in strengthening the food business sector of the group. He let the group take over the Seven Springs Restaurant Chain and integrated the flour and sugar brands under the name of Q One to give a fresh image to the products.
Samyang Packaging is a new company the group set up just to take charge of packaging.
Samyang Group goes back to 1924 when the late Kim Yeon-soo set up the Samsoo Co., a company dealing with farming. In 1950, the company began to produce sugar followed by the textile business in 1960s, and the petrochemical business in the 1980s. The group continued to add a new business to its operation by entering the bio-pharmaceutical business in the 1990s. The late founder of the group bequeathed the managerial rights of the group to his sons, the late third son, Sang-hong, and the fifth son, Sang-ha. They later let the current chairman take over the rights in 2004, who is one of the grandsons of the late founder Yeon-soo.
Chairman Kim continued to push his plan to diversify the group’s businesses under his favorite theme, “ A business firm that makes life affluent and comfortable.”
Samyang Holdings posted 1.67 trillion won in sales from the first quarter to third quarter last year, although the overall business environment was not that good, especially, the petrochemical sector of the group’s operation, with 75.8 billion won in operating profit and net profit of 50.3 billion won, due mostly to the excellent performance results in other sectors of the group such as the food and chemical sectors. That was mostly thanks to the cuts in the prices of raw materials in those sectors.
Chairman Kim celebrated the 10th anniversary as the top manager of the group and the group’s 90th anniversary last year. In his congratulatory speech at a ceremony to celebrate the occasions, he said they should continue to beat the challenges and make progress, “that we made in the past 90 years by further deepening the trust, the core value of the group and seek new growth engines while continuing to meet challenges and make reforms.”
“We should realize always to have our operations customer-centered and result-oriented all the time, as they are our core management values to secure segregated competitive power to get our group keep going making profits year after year in the days ahead,” he said.
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