Hyosung Group Chairman Cho Hyun-joon.

Hyosung Group is building up a shared growth regime based on the group’s management tenet: the competitiveness of its cooperative companies is a driving force behind its growth. Hyosung Group Chairman Cho Hyun-joon has stressed the significance of shared growth, saying that shared growth should be pursued through partnerships with cooperative firms.
Hyosung Group is supporting its cooperative firms’ education and consulting via outside specialized institutions such as the Korea Management Association (KMA).
Officials in charge of process, safety, production and quality at its cooperative companies are educated in those areas. The group is providing assistance in areas ranging from the creation of a factory’s basic environ to materials and equipment management.
In the past five years, 51 companies have benefited from consulting, as well as lighting improvement and installation of dust gathering devices. The group is now offering support to its cooperative companies in the construction of “smart factories” outfitted with ICT technologies, with the goal of improving their efficiency and reducing production costs.
Hyosung’s support in the installment of ICT-QC systems using electronic measuring equipment and quality management has led to a reduction in inspection time, enhancing product reliability and reducing default rate.
Hyosung has implemented a program to provide cooperative companies’ overseas study tours every year. Last year, Hyosung offered support to 15 companies’ study tours to Japanese firms. The program has contributed to not only enhancing the competitiveness of cooperative companies but also ramping up partnerships.
Hyosung has invited about 230 cooperative partners to meetings on shared growth in which the group’s major management conditions are shared, and topics such as shared growth and fair trade, technology trade, and educational cooperation are discussed. Such regular meetings take place on more than four occasions in major worksites, including Changwon plant in Gyeongsangnam-do and at the group’s headquarters in Mapo, Seoul. Each worksite has similar meetings on more than six occasions to lend an ear to the voices of cooperative companies, including grievances and complaints.
Hyosung is also expanding communication opportunities through outside activities such as climbing and joint social contribution drives. Hyosung Heavy Industries held an event to transplant trees at Hanul Park in Sangam-dong, Seoul, last April, inviting 18 cooperative companies producing parts and raw materials of super-voltage transformers and circuit breakers. Hyosung’s worksite in Anyang, Gyeonggi-do, conducted an event to paint a mural near the site.
Hyosung is aggressively offering assistance to its cooperative firms in the exploration of global markets.
Hyosung TNC and its fabric cooperative firms jointly participated in global exhibitions such as the Intertextile Shanghai Apparel Fabrics and Mode City Paris.
The collaboration is designed to have synergetic effects in exploring global markets and forging long-term partnerships. In the past three years, Hyosung and 198 cooperative companies have joined forces in participating in 21 overseas exhibitions. Hyosung operates a “fabrics libraries” in Korea, Hong Kong, New York and Shanghai in which fabrics produced by its cooperative companies are introduced.

Hyosung Group headquarters in Mapo, Seoul. (Photos: Hyosung Group)