Despite uncertainties related to external business circumstances, Hyosung Business Group is managing to tide over a crisis based on proprietary technology and the high quality of globally leading products such as spandex and tire cords. The group is now moving fast to expand products with a global competitive edge by maxing out the technological power and expertise it has accumulated in the field of the heavy electric systems for power transmission and distribution, while aggressively nurturing such future energy businesses as high-voltage direct currents (HVDC) and energy storage systems (ESS).
Hyosung’s value-added spandex brand creora maintained the global top position during the first three months of this year. Hyunsung is trying to overcome a crisis by tapping global markets. Currently, the spandex market is forecast to be not rosy due to a supply glut caused by Chinese companies’ expansion and declining demand in Russia and Western Europe.
Hyosung, which came up with diverse products over the years, plans to release additional products tailored to meet customers’ demand, differentiating itself from its rivals, based on a thorough market surveys.
Hyosung’s Spandex Performance Unit has been expanding its technology and business to produce the world’s best spandex brand through specialized production and R&D, a global network, and marketing strategies.
Since its establishment in 1992, Hyosung’s spandex brand creora has been constantly developing new products to meet the needs of the customers through continuous R&D to open new horizons in the textile industry.
Creora provides excellence in terms of uniformity and productivity to the customers and also, it has distinguished its brand through executing differentiated global marketing activities by introducing its customers’ fabric to famous brands at creora Fabric Library, located in cities such as Seoul, New York, Milano, Hong Kong, and Shanghai.
In addition, as its global competitive advantage, Hyosung Spandex Performance Unit has established manufacturing facilities in Korea, China (Jiaxing, Zuhai, and Guangdong), Turkey, Vietnam, and Brazil to provide products in excellent quality and better service the needs of customers in global markets.
Despite the sagging global tire market, Hyosung has achieved a steady growth thanks to its aggressive business strategies and efforts to explore global markets.
Hyosung is commanding a 45 percent share in the global polyester tire core market thanks to its excellent technology and quality.
Based on a projection that Asia, including China, and North America are forecast to increase tire production this year, Hyosung plans to ramp up marketing and business activities tailored to satisfy customers’ demand to overcome a crisis.
Tire cords are the main tire reinforcement materials that maintain a tire’s dimensions and offer riding comfort and support. Since producing the country’s first nylon tire cord in 1968, Hyosung has made substantial advancements in quality and technology, eventually taking the lead position in the global polyester tire cord market.
From HMLS PET tire cords that feature outstanding dimension stability, to PEN tire cords with excellent heat-resistant properties, Lyocell tire cords made with green materials and production process, as well as other innovative materials for high performance tires, Hyosung’s tire cord materials offer unparalleled superiority above all others in the world.
Hyosung Power & Industrial Systems Performance Group is expected to do better this year. The performance group, which has been making profits since 2014, chalked up a 152.2 billion won operating profit last year, a 2,800 percent jump over the previous year. The excellent performance is owed to the group’s efforts to secure a competitive edge through the improving of quality and the reinforcing of marketing activities in such markets as the United States, Saudi Arabia and in European countries.
“Hyosung is seizing up such value-added, new energy businesses as HVDC and ESS to establish a platform for making another leap forward and tide over a crisis,” said President Cho Hyun-joon of Hyosung Group.
The group plans to focus on expanding businesses and capacity to rise to a world-class power energy total solution provider, he added.
Hyosung has won an order to supply the STATCOMs (static synchronous compensators) to Korea Electric Power Corp. , the world’s largest single capacity. (Photos:Hyosung)
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