Hyosung Heavy Industries to 'Enhance Communication with Investors'
Wed Jun 05 07:58:23 KST 2019
Hyosung Heavy Industries is seeking to strengthen communication with domestic and overseas institutional investors.
On June 4, Hyosung Heavy Industries held a CEO seminar at the headquarters in Mapo-gu for 14 major domestic and foreign institutional investors including Shinhan Investment Corp. and Barings. Notably, it was the first such meeting attended by CEO Takeshi Yokota since his inauguration in March.
This seminar was held aimed at "listening to the market in order to strengthen transparency management," which has been emphasized by Chairman Hyun-Joon Cho since Hyosung Group's division in June last year.
CEO Yokota said at the seminar, "I feel a great sense of responsibility to take a leap forward as a global top electric power company," adding that he has identified areas and tasks that need improvement throughout the organization, including technology, business operations, and organizational culture. He expressed his commitment to leading the global power
market through differentiated sales strategies and creative technology development in the future.
■ Establishment of a profit-centered sales system and increased use of global production bases
On the future direction of Hyosung Heavy Industries, CEO Yokota said that he will first concentrate on establishing a management system with an emphasis on profitability. To this end, the company plans to expand VOCC (Voice of Customers' Customers) activities, centering on ultra-high voltage transformers and circuit breakers, which are the flagship products of the heavy industry sector. This strategy is to strengthen new market penetration by actively exchanging with customers from all over the world, not just focusing on expanding sales in India and the Middle East market, centering on large projects that have to compete with emerging countries such as China. He also stressed that the company will enhance its capacity of solution engineering (sales through technology proposals that meet the needs of customers) to provide not only product values but also more comprehensive values to customers, going beyond simple product sales activities.
The breaker sector that Hyosung takes up the largest market share in the domestic market plans to improve its cost competitiveness by utilizing global supply chain management (SCM) based on continuous technology development and its production base in India. In addition, the company plans to develop eco-friendly (non-greenhouse gas) high-voltage breakers and transformers with the aim of launching domestically in 2021.
■ Expansion of new renewable energy development businesses such as ESS and STATCOM
Hyosung Heavy Industries also plans to expand its forays into the global market of energy storage systems (ESS) and static synchronous compensators (STATCOM) as renewable power generation is expected to increase centering on solar and wind power in the future. In particular, as the ESS global market is expected to grow rapidly by 2022, Hyosung plans to implement sales activities in which it proposes total solutions encompassing development, design, production, and installation to maximize customer value.
About Hyosung : Hyosung Corporation is a South Korean industrial conglomerate, founded in 1966. It operates in various fields including heavy Industrial machinery, advanced materials, chemical industry, and textiles. Its CEO is Hyun-Joon Cho and the headquarter is in Mapo-gu, Seoul. Hyosung has a global network of about 90 sites in the U.S., China, Europe and other parts of the world, with about 30,000 employees. Tire reinforcements, spandex, and seatbelt yarns are No.1 in global market share.
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