Hyosung has adopted the holding company system. It will serve as the holding company and four affiliates – Hyosung TNC, Hyosung Advanced Materials, Hyosung Heavy Industries and Hyosung Chemical – will handle manufacturing and operations. Hyosung will reinforce global competitiveness of the four affiliates by having them as independent entities under the supervision of professional executives. The conversion to the holding company system is slated for completion by the year end.
Hyosung TNC will utilize its unique and highly competitive brand of spandex to tap a variety of overseas markets. Its trading division will raise its international competitiveness based on the company’s cutting-edge marketing infrastructure and knowhow.
Hyosung Advanced Materials seeks to grow into a leading provider of automotive materials focusing on tire reinforcements, including polyester tire cord, car mats, and yarns for automotive seat belts and airbags. The plan is to foster new materials such as aramid and carbon fiber as Hyosung’s next growth engines.
Hyosung Heavy Industries will fully utilize its extensive knowhow and peerless technology in power systems and industrial machinery to reinforce its global competitiveness.
Hyosung Chemical’s vision is to emerge as a chemical substance specialist and develop new growth engines. Hyosung will also hire experts from various fields to significantly reinforce objectivity and transparency.