Hyundai Wia Co., an affiliate of the Hyundai Motor Group, won the $4 billion Export Tower Medal at the 52nd Trade Day ceremony on Dec. 7 held at Coex, southern Seoul.
The maker of auto parts and lathes has seen its exports grow considerably in the past several years. Its exports totaled $3.13 billion in 2013 and $3.75 billion in 2014 and are projected to come to $4.32 billion this year.
The company’s superb exports are the result of its focus on the development of new technology and products, despite the sluggish global auto market in 2009, growing only 1.2 percent.
The company also stepped up its marketing drive around the world by setting up many production and marketing facilities abroad.
The company’s new engine plant in China went online in May, turning out high-quality, environmentally friendly engines through its marketing outlets around China, which have been expanded to increase the sales of its products including lathes and engines in the neighboring country.
Hyundai Wia is building a plant in Mexico to produce major products like engines, auto parts and materials to improve sales in the U.S.
The localization of parts has been considered a stand-out contribution to Korea’s industrial development by the company including electronic couplings used in cars, which has been considered the most notable among the parts that were localized by the company to date. The country used to spend 40 billion won just to import the auto part.
In August 2013, the company set up a joint venture turbo engine company with IHI of Japan, called Hyundai Wia IHI Turbo Co.
It has been turning out turbo engines from its plant in Seosan, South Chungcheong Province. By next year, the company will have all the technologies that go into producing turbo chargers from the Japanese partner, and produce various parts that go into the turbo chargers. By 2019, the joint venture plant will have the capacity to turn out 750,000 turbo chargers with the import-substitute effect of 30 billion won annually.
The company also localized the production of press machinery to completely replace imports of the machinery and compete with makers in Germany and Japan in the global market.
Established in 1976, Hyundai WIA is growing beyond one of the top companies in Korea to become a global premium enterprise in the area of machine tools. Its production plants are operated in Changwon, Gwangju, Ansan, Pyeongtaek, Seoan, China and India to expand supply of automobile parts targeting the global market.
Hyundai WIA has continuously invested in R&D and was awarded the President’s Prize, the Prime Minister’s Prize and Prize of Technology Innovation for Products of Korea.
“We have established the foundation for growth by having our IPO in 2011, and are continuously committed to the vision of becoming one of the top 20 firms in Korea and the top 500 global firms by 2020,” the company said. “Our vision of unlimited responsibility for the safety and happiness of the customer is realized in our quality management, which leads to the creation of unlimited value for our society.”
The company added, “Under Hyundai Motor Group’s vision of ‘Together for a better future,’ an embodiment of our belief and commitment, we provide satisfaction to our customers, and think beyond the external growth of the corporation to share our success with a variety of stakeholders. As a global leading provider of high-value engineering solutions, we will create the foundation for a better life through cross-business synergy and convergence with future technologies.”
A photo of the $4 Billion Export Tower Award that was presented to Hyundai Wia at the 52nd Trade Day ceremony held on Dec.7 at Coex, southern Seoul.(Photos:Hyundai Wia)
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