Hyosung Chairman Cho Hyun-joon to Strengthen Ties With Zhejiang Province, China

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Hyosung (KRX:004800) discussed business cooperation with an economic mission of Jiaxing, Zhejiang Province, China, in its headquarters in Mapo, Seoul.

The meeting was arranged at the request of the mission to Hyosung, a major Korean company which entered Jiaxing.

It was attended by six mission members including Sheng Fuxiang, chief administrator of Jiaxing Development Zone, and 14 Hyosung officials including Hwang Jung-mo, chief executive of Hyosung Advanced Materials Co., Ltd., and Kim Seung-han, head of the Performance Unit of the company. The two sides discussed diverse ways to cooperate, including building up and improving production facilities of Hyosung in Jiaxing.

Jiaxing in Zhejiang Province, China means a lot to Hyosung as the location of its first global production base. Chairman Cho Hyun-joon created “Project C Team” in 1999 to secure a foothold in the Chinese market. C stands for China. He pursued localization strategy for the penetration of foreign markets to tackle Chinese and global markets from the production base in Jiaxing.

Hyosung operates plants in China, including a spandex plant in Jiaxing. They produce most of Hyosung’s main items ranging from polyester yarns to tire cords to nylon films. Hyosung has kept its market-dominating position in China while maintaining ties with the Chinese city for more than 20 years.

“Jiaxing is a cornerstone of a ‘global Hyosung’,” Chairman Cho said, “I hope the city will keep up friendly ties with us and go together as Hyosung’s partner for 100 years.”

Meanwhile, in a social contribution to the city, Hyosung has sponsored a project to preserve the historic site of Kim Gu in Jiaxing since 2007. Kim was a leader of the Korean independence movement.

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Business Wire: 09:44 GMT Wednesday 17th April 2019

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