Hyosung Chairman Cho Hyun-joon Guides World’s No. 1 Spandex Business

SEOUL, South Korea–(BUSINESS WIRE)–#ChairmanChoHyunJoon–Hyosung Chairman Cho Hyun-joon guided Hyosung TNC last year to its best-ever financial results since its foundation.

Hyosung TNC (KRX: 298020) announced annual revenue of KRW 8.596 trillion and an annual operating profit of KRW 1.4237 trillion for 2021. Its revenue and profit surged 66.5% and 434.1% year-over-year from KRW 5.1616 trillion and KRW 266.6 billion, respectively. Notably, its operating profit is about half that of all Hyosung affiliates combined.

Hyosung TNC became the only affiliate of the group under the holding company system to record an annual operating profit exceeding KRW 1 trillion.

Experts cite Chairman Cho’s proactive investment decisions as a key factor behind Hyosung TNC’s high growth.

Late in 2020, Cho decided to increase the yearly production capacities of Hyosung spandex factories in Turkey and Brazil by 25,000 tons and 10,000 tons, respectively. Besides, he had already made an investment decision to build a spandex factory and related facilities with an annual capacity of 36,000 tons in Ningdong Energy-chemical Industry Base in Yinchuan, Ningxia, China.

Thanks to Chairman Cho’s accurate forecast of market demand, Hyosung TNC could supply products stably. Based on a solid global supply chain of continental production bases that Hyosung built up in Brazil, Turkey, Vietnam, China and India, the company responded to market demand proactively.

In the 2022 New Year’s address that Cho made as the fifth-year chairman of the group, he presented the new course of management calls for a changeover of the group to an “agile organization” that can adapt to digital transformation.

Accordingly, Hyosung Group will start its own digital transformation in earnest through agile management based on a database.

Contacts

Hyosung Corporation

Nari Kim

+82-2-707-7067

lesleykim@hyosung.com