Various stories brought to you by Hyosung Advanced Materials
A total of 160 articles have been added for reading.
Hyosung’s Anyang Factory in Dongan-gu, Anyang-si plans to open its Azalea Hill and playground to locals during the one-day Azalea Festival, which has been suspended over the past three years. Hyosung said that it will hold the 41st Hyosung Azalea Festival and have its grounds (location: 74 Simin-daero, Dongan-gu, Anyang-si) opened to locals from 10:00 AM through 5:00 PM on April 1 (Sat.) for the festival.The 2.4-acre area on the hill behind the factory is colored pink at this time of the year with the blooming of azaleas. During the festival, the Company holds special events such as caricature art, magic balloon, pungmulpae (a percussion band composed of villagers) performance, etc. in addition to foods like kimchi pancake, tteokbokki, and sundae (Korean sausage). GoodWill Store, a foundation receiving financial support from the Company, opens a one-day market designed to provide job opportunities to the disabled. Hyosung Azalea Festival was first held as an annual mini party attended by families and people close to the factory’s employees of Tongyang Nylon, which was eventually taken over by Hyosung. Locals also came to be invited from the latter part of the 1970, but the festival was stopped over the past three years due to COVID-19.
Hyosung Advanced Materials elected Mr. CHO Yong-Soo as its new President. Mr. CHO Yong-Soo was elected as an inside director at the periodic General Meeting of Shareholders held on March 16 and then as President at a session of the Board of Directors on March 18.He graduated from Yonsei University (Department of Public Policy and Management) and started working for Hyosung BASF in 1987, growing as a core talented employee by building experience in sales, marketing, planning, and business strategy at Hyosung. He was promoted to Assistant Managing Director in 2008, playing a leading role in the growth of the sectors of tire-reinforcing materials and industrial materials. In June 2018, he assumed the position of Chief of the Office of Management Strategy at Hyosung Advanced Materials. He has played a major role in achieving a stable result despite the unfavorable situation due to COVID-19. <Mr. CHO Yong-Soo’s profile>1. Birthyear : Born in 19602. Education : Graduated from Yonsei University (Department of Public Policy and Management) in 1986.3. Experience : 01/1987Joined Hyosung (PS Sales)04/1997Hyosung Group Innovation Team (Section Chief)04/2000Leader, e-hyosung Team and M&A Team, Hyosung Corporation Strategy HQ10/2003 Hyosung Corporation’s branch in Charlotte, United States01/2008Leader, Hyosung Corporation’s Tire-Reinforcing Material PU Marketing Team 2 (Assistant Managing Director)01/2011Hyosung Corporation’s Tire-Reinforcing Material PU specializing in steel wire (Managing Director)01/2013Promoted to Senior Managing Director06/2018Chief of Management Strategy, Hyosung Advanced Materials01/2021Promoted to Vice President08/2021Additional duty assigned: ESG management-related duties03/2023Elected President of Hyosung Advanced Materials
Hyosung Chairman CHO Hyun-joon plans to involve himself directly in having domestic textile subcontractors build their ESG management capability in connection with the need to enhance their global competitiveness.□ Hyosung TNC to carry out programs designed to help subcontractors enhance their ESG capability to upgrade their overall global competitiveness.On March 16, Hyosung TNC said that it would push forward with a program designed to provide support to subcontractors in △ education and consulting for strengthening their ESG capability and △ eco-friendly certification expenses.Said program is based on the realization that the global competitiveness of subcontractors needs to be enhanced amid the ever-increasing importance of their ESG management with the Supply Chain Due Diligence Act coming into force worldwide including the EU, starting next year.Under the Act, the relevant businesses should undergo periodic due diligence concerning ESG factors such as environment, labor, human rights, governance structure, etc. related to their entire supply chain, and publish and remedy issues about workers’ human rights, environmental pollution, etc. found in the due diligence process.For this, Hyosung TNC, with the help of a professional ESG consulting business, will provide sessions for the following to 11 subcontractors’ employees on a total of 4 occasions between March and June: △ ESG education in general, △ ESG-related diagnosis and guidance, and △ improvement.Hyosung TNC intends to help subcontractors build their sustainable management capability based on the result of diagnosis of their ESG status, considering the difficulty they face in ESG regulations.□ Also providing support for eco-friendly certifications such as GRS and Eco-Product Mark, the first ever attempt by a local textile businessIn addition, Hyosung TNC will provide support in the area of issuance of eco-friendly certifications for subcontractors, the first ever attempt by a local textile business. Acquiring global eco-friendly certifications is expected to help subcontractors enhance their ESG competitiveness including being in a better position to cope with ESG regulations.The Company plans to provide support by paying expenses for △GRS △SGS Eco Product Mark certifications to the 21 subcontractors making fabrics with Regen, the Company’s leading recycled polyester fabric, and Creora Bio-based as the world’s first bio fabric made with corn extracts.The Eco Product Mark certifies that the relevant products have been made △ in an eco-friendly way through ESG management using △ eco-friendly raw materials and are thus △ not harmful to people. Regen, which is a recycled polyester fabric developed by Hyosung TNC in 2008, became the first fabric in the world to acquire global recycled standard certification GRS in 2009. As for Creora Bio-based, it acquired the Eco Product Mark from SGS (Société Générale de Surveillance), a Geneva-based institution for world-class inspection, test, and certification, in June 2022.“ESG is becoming businesses’ criterion for value for present and future. We will set global trends for eco-friendly fabrics by helping subcontractors build their ESG management capability,” Hyosung Chairman CHO Hyun-joon said.
Hyosung is set to donate 300 million won for firemen who died on duty, their bereaved families, and promotion of firemen’s welfare. On March 14, Hyosung, Korea Chamber of Commerce and Industry (KCCI), and Hyundai Motor Group held the first “Sharing for All” Project event at Bukbu Fire Station, Ulsan. The event was held with the following people in attendance: Hyosung Chairman CHO Hyun-joon, KCCI Chairman CHEY Tae-won, Hyundai Motor Group Chairman CHUNG Eui-sun, National Fire Agency Acting Administrator NAM Hwa-yeong, Ulsan Vice Mayor for Economy AHN Hyo-dae, etc. Hyosung’s donation will be spent on scholarship for the bereaved children of firemen who died in the line of duty, healing camp for bereaved families, promotion of firemen’s welfare such as improvement of firemen’s working conditions, etc. Hyundai Motor Group donated eight buses that will be used for firemen’s rest and recovery. “The Hyosung Group was reborn as a world-class business specializing in materials, having started from its factory in Ulsan. We are deeply grateful to the firemen working hard for a safe environment,” Chairman CHO Hyun-joon said. He added, “It’s sad that recently there have been cases in which the precious lives of firemen have been lost. Safety should be regarded as the most important value and the people working hard to protect the safety of people deserve our respect and gratitude.” Finally, he vowed to strive to see how firemen’s welfare could be promoted and work with others to cope with social issues seriously as a businessman. KCCI’s Entrepreneurship Round Table (ERT) was launched last year by business leaders to encourage each other to join in the effort to cope with social issues and fulfill their role as members of the community. Seven hundred-plus business leaders have joined. Started with Hyosung and Hyundai Motor Group playing a leading role, the “Sharing for All” Project is participated in by ERT member businesses for social contribution activities. The first of said project is being carried out to provide financial support for hardworking firemen. ERT member businesses including Hyosung and Hyundai Motor Group donated about 5.5 billion won for the project. Hyosung is carrying out social contribution programs based on the three themes of support for less privileged people, culture/arts, and war veterans under the vision of “We will be with you through the spirit of sharing.” The company does what it can to provide financial support for the rehabilitation of handicapped children, education of those who have a handicapped sibling, handicapped artists, houses for war veterans, etc.Hyosung also donated funds for victims of torrential rain in the Central Area in August 2022, victims of forest fire in Gangwon-do in March 2022, effort to overcome COVID-10 in 2020, etc.
Hyosung is set to provide 10 billion won in funds for cooperation between large-sized businesses and their smaller-sized counterparts and between businesses and rural areas and to help businesses build their ESG management capability. On March 17, Hyosung signed an agreement with the Korea Foundation for Cooperation between Large and Small Businesses and Rural Areas for the provision of said funds. Hyosung President KIM Kyoo-Young and Secretary General KIM Yeonghwan of said foundation attended the ceremony, which was held at Hyosung’s building in Mapo-gu, Seoul. Said funds are private funds that businesses provide to said foundation to promote win-win cooperation between large-sized businesses and their smaller-sized counterparts and between businesses and rural areas. Five affiliates of the Hyosung Group (i.e., Hyosung Corporation, Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical) will provide a total of 10 billion won (5.5 billion won + 4.5 billion won) to said funds. Hyosung will use the fund for win-win cooperation between large-sized businesses and their smaller counterparts to help with their supply-chain ESG management including reduction of energy use by subcontractors and their acquisition of eco-friendly certifications such as carbon labeling. Hyosung will also provide safety goods like body cams and airbag vests to enhance their safety and goods-quality capability and remote inspection facilities, etc., while providing flagship stores to SMEs and startups explored through open innovation, etc. and support their development of eco-friendly materials through the recycling of waste PET bottles and fishing net. The fund for win-win cooperation between businesses and rural areas will be spent on providing goods using eco-friendly technology such as produce driers made with carbon fiber, which is a highly efficient heating element, and clothing that uses Regen—Hyosung’s brand for recycled fiber yarns—to encourage the expansion of the base for eco-friendly technology. Hyosung will also engage in activities for the management of seagrass habitats for the conservation of marine biodiversity while striving for the invigoration of the local economy and communication between stakeholders through the purchase of local products and establishment of educational facilities. Hyosung Chairman CHO Hyun-joon has stressed the importance of ESG management in the Group’s management guidelines. “We should establish an eco-friendly management system and strengthen mutual growth with subcontractors and social contribution activities,” he said.Meanwhile, Hyosung has helped subcontractors explore overseas markets, encouraging them to join the Group in attending world-renowned exhibitions such as “Preview in Seoul”, “Intertextile Shanghai”, outdoor exhibitions held in Germany, etc. In addition, Hyosung is making multi-faceted efforts for supply-chain ESG management, including provision of ESG management education/consulting designed to enhance subcontractors’ competitiveness. ※Supply-chain ESG: Management of subcontractors’ ESG management factors in general such as environment, human rights, etc. from the perspective of risk management for businesses’ sustainable management
Hyosung said on February 13 that it will donate $100,000 for the rehabilitation of earthquake-hit areas in Türkiye. Said donation will be delivered to the Disaster and Emergency Management Authority of Türkiye through the company’s local corporation, to be spent on rehabilitation and support for people affected by the recent disaster. “I would like to express my deepest condolence and words of consolation to Türkiye people suffering from the abrupt disaster. I hope our donated funds will be spent usefully and they will get over the current difficulty very soon,” Hyosung Chairman CHO Hyun-Joon said. Hyosung runs a spandex factory in Türkiye. The factory is located in the Cerkezkoy Industrial Complex more than 1,000 km away from the areas affected by the earthquake and suffered no direct loss but decided to donate to help Türkiye rehabilitate from the earthquake damage.The company’s local corporation in Türkiye also donated funds for victims of the flood in Kastamonu in August 2021, forest fire in Marmaris in July 2021, and earthquake in Elazig in January 2020.