Latest news with #HyosungGroup
Korea Herald
19-05-2025
- Automotive
- Korea Herald
Hyosung Heavy Industries secures $60m transformer deal with Scottish Power
Hyosung Heavy Industries, a South Korean company specializing in power and industrial systems and a key affiliate of Hyosung Group, is rapidly expanding its presence in the European power equipment market. The company said Monday that it signed an 85 billion won ($60.8 million) contract with Scotland's transmission company, Scottish Power, to supply 400 kilovolt, ultra-high voltage transformers. These units will support the transmission of wind-generated electricity from onshore and offshore sites to urban areas in Scotland. The deal strengthens Hyosung's leadership in the UK, where it has held the top market share for ultra-high voltage transformers since 2022. Scotland, with its rich wind resources, is a hub for renewable energy and aims to reach net-zero carbon emissions by 2045, prompting major investments in energy infrastructure. Hyosung is also expanding its reach across Western Europe. The company recently became the first Korean manufacturer to sign a long-term transformer supply agreement with a German transmission firm. It has also secured repeat orders in France and new contracts in Spain. 'Our continued success in Europe is the result of our technological capabilities and customer-tailored solution strategies,' said Hyosung Group Chair Cho Hyun-joon. 'We will solidify our position as a core power equipment supplier in the global market, aligned with the growth of the AI industry.' As of the first quarter of this year, Hyosung's total order backlog stands at approximately 10 trillion won, with major projects underway in Europe, North America and beyond.
Korea Herald
14-05-2025
- Automotive
- Korea Herald
Daimler Truck, Hyosung's FMK form joint venture to import Mercedes-Benz trucks to Korea
Global commercial vehicle manufacturer Daimler Truck announced Wednesday that it has established a strategic joint venture with FMK, a subsidiary of Korea's Hyosung Group, to become the official importer of Mercedes-Benz Trucks, Special Trucks and Daimler Buses in Korea. This partnership aims to elevate the customer experience by combining Daimler Truck's global expertise with FMK's strong local market knowledge. Together, the companies plan to offer industry-leading technology, premium products and a nationwide service network to deliver greater value to Korean customers. 'We're delighted to welcome FMK and Hyosung Group as joint venture partners,' said Harald Schmid, CEO of Daimler Truck Southeast Asia. 'This collaboration marks a key milestone in strengthening our presence in Korea. With FMK's deep local expertise, we are confident in delivering long-term value to customers, partners and employees.' Kim Gwang-chul, CEO of FMK Korea, also expressed pride in taking on the importer role, stating, 'With years of experience importing world-class automotive brands, we're excited to expand into the commercial vehicle sector with Daimler Truck." "This partnership further solidifies FMK's position as a leading automotive importer in Korea.' Mercedes-Benz trucks and buses entered the Korean market in 2003, with Daimler Truck Korea established in 2012. Current offerings include imported mid- and heavy-duty trucks and special-purpose vehicles. The transition to an importer-based system reflects Daimler Truck's customer-centric strategy and aligns with its global approach of establishing regional commercial vehicle centers since 2016. Finalization of the joint venture remains subject to regulatory approval.
Korea Herald
30-03-2025
- Business
- Korea Herald
Hyosung marks first anniversary of late honorary chair
Hyosung Group announced Sunday that it held a memorial ceremony to commemorate the first anniversary of the passing of Honorary Chair Cho Suck-rai, remembering the man whose spirit of challenge remains central to the group's identity. The 40-minute ceremony took place Saturday at Hyosung's headquarters in Seoul, with family members and company executives in attendance. During the memorial, current Chair Cho Hyun-joon paid tribute to his father's enduring legacy and unyielding drive. 'My father always reminded me that crises can strike at any time and that a company must be able to turn them into opportunities,' Cho said. 'We live in a time of growing uncertainty both at home and abroad,' he continued. 'I will carry on his legacy and ensure that Hyosung becomes a future-ready company — one that transforms crisis into opportunity and quickly adapts to global changes." He also pledged to work closely with HS Hyosung Vice Chair Cho Hyun-sang to 'do our utmost to contribute to the Korea-US-Japan economic and security alliance.' Born in 1935 as the eldest son of Hyosung founder Cho Hong-jai, the late honorary chair passed away on March 29 last year at the age of 89. He led Hyosung for over half a century before stepping down in 2017 due to age and health issues. Beginning in 1970 with his leadership at Tongyang Nylon — later rebranded Hyosung T&C — Cho went on to lead Hyosung's expansion across key sectors including textiles, heavy industries and chemical materials. Appointed as the group's second chairman in 1982, he steered Hyosung's push into global markets. Beyond Hyosung, he also played a significant role in Korea's business diplomacy. He served as chair of the Federation of Korean Industries from 2007 to 2011, led the Korea-US Economic Council from 2000 to 2009 and headed the Korea-Japan Economic Association from 2005 to 2014.
