Chairman Cho Leads Hyosung's Expansion into Europe's Electric Power Market
Fri Jan 31 08:55:49 KST 2020
Guided by the leadership of Chairman and CEO Cho Hyun-joon, Hyosung Group is expanding its presence in the European electric power market.
Hyosung Heavy Industries, a leading global electric equipment supplier, recently signed a contract with Svenska kraftnät, a state-owned public utility company in Sweden, to provide 420-kilovolt high-voltage circuit breakers, thereby laying the basis for the company’s advance into the northern European market. Hyosung first set foot in Europe in 2010 by signing a contract to provide high-voltage transformers to the National Grid, a multinational electricity and gas utility company headquartered in London.
Under the contract with the Swedish utility company, Hyosung Heavy Industries plans to supply 420-kilovolt high-voltage circuit breakers to power substations in southern Sweden.
The contract with Svenska kraftnät proves that Hyosung Heavy Industries’ technology and product quality are sufficiently competitive to be recognized by European utility companies, which usually set strict standards for suppliers. Based on this confidence, the company plans to expand its presence further in northern, eastern and western Europe by strengthening its partnerships with local companies in the fields of engineering, procurement and construction.
In line with Chairman Cho’s “Voice of the Customer (VOC)” policy that prioritizes customers, Hyosung Heavy Industries has been bolstering its efforts to supply products that meet the needs of customers in terms of technology and quality. The contract with the Swedish utility company is also the outcome of the company’s marketing efforts to promote its high-quality equipment over the past three years.
Chairman Cho said, “Taking advantage of our world-top-class technology, Hyosung Heavy Industries will continue to expand its supply of electric equipment in the global market. The company will also strive to become a global “total solutions” provider that offers maintenance and repair services, as well and taking up future energy business and strengthening the VOC policy to ensure that even the smallest customer voices are heard.”
It is estimated that the market in Sweden and other European countries will grow at an annual average rate of 5 percent over the next 10 years due to the need to replace or refurbish old power grid and transmission and distribution equipment. The circuit breaker market alone is worth more than 200 billion won, while those for transformers, substations and new and renewable energy are expected to expand rapidly.
*Cho Hyun-Joon is born in Seoul in 1968 and graduated from Saint Paul’s School in the U.S. He studied in the School of Political Science at Yale University and graduated with a master degree at Keio University, Graduate School of Law in Japan. He worked at Mitsubishi Corporation in Tokyo and Morgan Stanley Tokyo branch. In 1997, he joined Hyosung and was inaugurated as the Chairman of Hyosung Group in 2017.
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