Hyosung Cho Hyun Joon President Increases Investments in China

30-Sep-2017 Intellasia | BusinessWire | 7:00 PM Print This Post

– Builds more spandex, airbag fabric, NF3 factories in China

– Secures momentum to cement global No. 1 position

SEOUL, South Korea–(BUSINESS WIRE)–#ChoHyunJoonHyosung
(KRX:004800) Cho Hyun Joon President has increased investments in China
since his inauguration to set up a local production base in the country.
A spandex plant is now under construction in Quzhou, China at a cost of
104 billion won. Hyosung is the current leader in the world spandex
market with a share of 33 percent. Its unchallenged technological
advantage was instrumental in staying ahead of any other competitor.

Cho Hyun Joon President put a lot of work into establishing a production
base in China. He said, “We should make a foray into China, among
others, to become No. 1 spandex business in the world,” and formed
‘Project C Team’ on his own account to jump into the Chinese market. C
stands for China. In July, he met China’s Quzhou City Communist Party
Secretary Chen Xin for the first time after a year and discussed
cooperation.

Also in Quzhou, a 79.3 billion won facility to produce NF3 is under
construction. NF3 or nitrogen trifluoride is a cleansing agent for
silicon wafers. Hyosung seeks to build additional airbag fabrics factory
in Changshu, Jiangsu Province at a cost of 67.2 billion won. The company
acquired Germany’s airbag fabrics manufacturer GST (Global Safety
Textiles) in 2011, completing the industry’s first vertical integration
which covers airbag yarns, fabrics and cushions.

Hyosung subsidiaries in China employ local Chinese for jobs across all
business processes including production, sales and purchase and also do
various philanthropic activities. Largely thanks to these localization
measures, their combined sales have surpassed 1 trillion won each year.
Hyosung achieved record performances in 2015 and 2016, and posted its
best quarterly result in the first quarter of this year, boosted by its
brisk China business.

Contacts

Hyosung
CHANG-SEOK HAN, +82-2-707-7338
hanni@hyosung.com

 


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