Hyosung stands tall amid worldwide textile industry recession

SEOUL--September 29, 2017 -- Hyosung under the helm of Cho Hyun Joon President is expected to make it to the trillion won club of companies with operating profit of more than 1 trillion won for two years in a row. Hyosung joined the club last year for the first time in its 50-year history with an annual operating profit of 1.016 trillion won. It posted operating profit of 232.3 billion won in the first quarter of this year, marking a record high for the quarter.

As of late last year, Hyosung held the largest shares of the global markets for four products -- spandex, tire cords, seat belt yarns and airbag fabrics. Particularly in spandex, regarded as important in textiles as semiconductors in electronics, and tire cords, a core material of tires, Hyosung is in a class of its own with its market shares reaching 33 percent and 45 percent, respectively. This illustrates that Cho Hyun Joon President has solidified his management system with a steady leadership in the textile industry despite worldwide economic woes. Hyosung has kept the lion’s share in the global spandex market for two years.

Hyosung is forecast to keep up its good performance in the second half not only in textile and industrial materials sectors marked by spandex and tire cords but in heavy and chemical industries. Expectations are high that steady investments made by Cho Hyun Joon President will begin to pay off in the second half. Hyosung completed the construction of a spandex factory in Quzhou, China, and plans to build two more, one with 24,000-ton capacity in China and the other with 15,000-ton capacity in Vietnam. It also seeks to add a new steel cords plant in Vietnam.

Cho Hyun Joon President said, “We will strive for global competitiveness strong enough to beat any market condition and remain a winner on the back of our original and exclusive technology.”

Website: http://www.hyosung.com