Various stories brought to you by Hyosung Advanced Materials
Ulsan City (mayor: Song Cheol-ho) and Hyosung Advanced Materials (president: Hwang Jung-mo) announced that they signed an MOU for investment in the expansion of the latter’s Aramid factory on May 20, 2PM at the Ulsan City Hall.The MOU is said to be dealing with Hyosung’s contribution to Ulsan’s economic invigoration through investment in the expansion of the factory. For its part, Ulsan City will provide administrative support concerning the necessary authorizations and approvals.The Hyosung Group considered a site in Vietnam for the construction of a new factory but decided to expand the existing factory in Ulsan -- which provides favorable conditions for businesses -- considering the importance of promoting the domestic economy’s rapid recovery and the need to have the production base of core materials in the home country. Under the MOU, Hyosung plans to invest a total of KRW 61.3 billion in its Aramid factory in Ulsan, finish the expansion by the first half of 2021, and expand the factory’s production capacity from 1,200 tons to 3,700 tons a year.With said expansion, the Company expects to kill two birds with one stone -- securing higher competitiveness in cost and product quality and enhancing the world market share.“We are happy with Hyosung’s decision to expand said factory in addition to the KRW 300 billion investment by Hyosung-Linde Korea in its liquid hydrogen factory in Ulsan. We will spare no effort in providing administrative support for the development of these businesses,” Ulsan Mayor Song Cheol-ho said.For his part, President Hwang Jung-mo of Hyosung Advanced Materials said that the Company will strive to contribute to the economic invigoration of Ulsan by making a positive foray into markets for products with high added value like aramid and aim to be the No. 1 business in the world in the materials sector based on its quality and technical skills.Aramid fibers are fibers with excellent heat resistance and high strength. Extensive research and development efforts have been made for them over the past decades. They are divided into m-Aramid and p-Aramid. Hyosung started developing the fibers with its own technology in 2003 and launched ALKEXⓇ, which is a p-Aramid, in 2009.ALKEXⓇ is five times stronger than steel, with resistance to up to 500°C and good chemical resistance. The demand for the ALKEXⓇ is increasing continuously owing to such merits. ALKEXⓇ is used in the defense industry (bulletproof clothes and helmets). It is also used as materials reinforcing optical cable, in car belts/hoses and oil/gas markets, and as reinforcing material in the construction of houses. The demand for optical cable is rapidly increasing amid the application of the 5G communications network. Thus, the growth of the Aramid market is expected to lead to the development of related industries.
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Jamsil Creation Studio, which receives financial support from Hyosung, is holding an exhibition “The Value Linked Together” at the Seoul History Museum at Seosomun Historical Park from Oct. 16 until Nov. 4. The said event will display the works created by artists working at Seoul Foundation for Arts and Culture and as part of a mentoring program for disabled children. Hyosung has provided financial support for creative activities of the artists working at Jamsil Creation Studio run by the Seoul Foundation for Arts and Culture and exhibition of their works over the past three years as part of the mecenat (patronage) movement. The Group has provided a total of KRW 200 millon (including 100 million won this year) to them. The number of the artists receiving the support comes to about thirty. Jamsil Creation Studio is a place of creative works for disabled artists specializing in visual arts. It is the only one of its kind in the country. Each year, it selects 12 disabled artists who need a space for making their creative works through open competition. It has identified a total of 130-plus artists. Hyosung official said, “We will continue to strive to foster environment for talented disabled artists. We hope what little help provided by us can energize the culture/art circles, which are having a hard time due to COVID-19.
The Hyosung Group donated KRW 300 million to the Korean Red Cross as relief fund for flood victims amid the long spell of rain and heavy downpour, which have caused damage to many households and cost many lives this summer.The fund has been paid by Hyosung Corporation as the holding company of the group, Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical. “We fully sympathize with the flood victims. We sincerely hope that this donation we made will help them get back on their feet,” Hyosung Chairman CHO Hyun-Joon said.
Representatives of the HYOSUNG Group delivered KRW 70 million in support fund on August 10 for a program run by the Jongno Women Resources Development Center for job-seeking women from less-privileged households, as the Group has done every year since 2013. The support fund is for the program for training school meal cooks, social welfare workers, and after-school caretakers. So far, 200-plus women have landed jobs with the help of this program. This year, the center is operating a new three-month program for training geriatric care workers along with after-care caretakers beginning August. Even after the completion of the program, the center’s staff continues to provide support including provision of information on businesses hiring employees until the trainees land jobs.“Geriatric care workers and after-school caretakers are the types of jobs welcomed in our society, where the areas of welfare are expanding. We sincerely hope that more women succeed in restarting their career through corporate support like ours and accomplish economic self-reliance,” a HYOSUNG official said.The HYOSUNG Group operates a wide variety of programs designed to help those from less-privileged households land jobs and join the economically active population. It also provides support for artists belonging to the Jamsil Art Studio (catering to artists with disabilities as the only one of its kind) of the Seoul Foundation for Arts and Culture and financial support for the improvement of job facilities for those with severe disabilities by operating as a subordinate organization of the Eden Welfare Foundation.
The HYOSUNG Group provided a sum of KRW 20 million to the Mapo Scholarship Foundation on July 10. The fund is to be provided to 20-plus students with good grades, those from less-privileged households, and those with sporting abilities as in Mapo-gu, Seoul. This is part of the annual event held by HYOSUNG since 2015. So far, the Group has provided a total of KRW 120 million in scholarship funds to 120 students.“We are grateful that HYOSUNG has provided such financial aid for local students in Mapo as part of its activities aimed at sharing with the local community. We will see to it that the aid fund is spent as intended by HYOSUNG and strive to provide other types of aid to local students experiencing difficulties,” said President Park Hong-seop of the Mapo Scholarship Foundation during the event.
Hyosung visited the ROK 1 Corps (Gwanggaeto Corps) and delivered a contribution and provided care packages for them.Hyosung’s money contribution and care packages, which are worth about KRW 44,000,000, will be used to strengthen the soldiers’ physical strength and boost their morale while being in this hot weather.In 2010, Hyosung established a sisterhood relationship (one company for one barrack) with ROK 1 Corps, who are in charge of defending the northern part of the capital and also the western front. Since then, every year the company has continued to sponsor the soldiers through delivering money contribution and supporting their book café facility for the development of the Corps.Meanwhile, Hyosung has also supported the Eden Welfare Foundation, where about 100 people with severe disabilities are working while using KRW 20 million to improve its facility. Hyosung’s donation will be used to renovate the new facilities such as adding new printers and recuperators, and it will also improve the working environment for the employees with disabilities.
Ulsan City (mayor: Song Cheol-ho) and Hyosung Advanced Materials (president: Hwang Jung-mo) announced that they signed an MOU for investment in the expansion of the latter’s Aramid factory on May 20, 2PM at the Ulsan City Hall.The MOU is said to be dealing with Hyosung’s contribution to Ulsan’s economic invigoration through investment in the expansion of the factory. For its part, Ulsan City will provide administrative support concerning the necessary authorizations and approvals.The Hyosung Group considered a site in Vietnam for the construction of a new factory but decided to expand the existing factory in Ulsan -- which provides favorable conditions for businesses -- considering the importance of promoting the domestic economy’s rapid recovery and the need to have the production base of core materials in the home country. Under the MOU, Hyosung plans to invest a total of KRW 61.3 billion in its Aramid factory in Ulsan, finish the expansion by the first half of 2021, and expand the factory’s production capacity from 1,200 tons to 3,700 tons a year.With said expansion, the Company expects to kill two birds with one stone -- securing higher competitiveness in cost and product quality and enhancing the world market share.“We are happy with Hyosung’s decision to expand said factory in addition to the KRW 300 billion investment by Hyosung-Linde Korea in its liquid hydrogen factory in Ulsan. We will spare no effort in providing administrative support for the development of these businesses,” Ulsan Mayor Song Cheol-ho said.For his part, President Hwang Jung-mo of Hyosung Advanced Materials said that the Company will strive to contribute to the economic invigoration of Ulsan by making a positive foray into markets for products with high added value like aramid and aim to be the No. 1 business in the world in the materials sector based on its quality and technical skills.Aramid fibers are fibers with excellent heat resistance and high strength. Extensive research and development efforts have been made for them over the past decades. They are divided into m-Aramid and p-Aramid. Hyosung started developing the fibers with its own technology in 2003 and launched ALKEXⓇ, which is a p-Aramid, in 2009.ALKEXⓇ is five times stronger than steel, with resistance to up to 500°C and good chemical resistance. The demand for the ALKEXⓇ is increasing continuously owing to such merits. ALKEXⓇ is used in the defense industry (bulletproof clothes and helmets). It is also used as materials reinforcing optical cable, in car belts/hoses and oil/gas markets, and as reinforcing material in the construction of houses. The demand for optical cable is rapidly increasing amid the application of the 5G communications network. Thus, the growth of the Aramid market is expected to lead to the development of related industries.
