Latest news with #Yoon
Korea Herald
4 hours ago
- Business
- Korea Herald
Kolmar Korea Launches Full Operation of 2nd US Factory, Establishing K-Beauty's 'Tariff Safe Zone' in America
OLYPHANT, Pa. and SEOUL, South Korea, July 22, 2025 /PRNewswire/ -- Kolmar Korea has officially completed construction and begun full-scale operations of its second manufacturing facility in the United States, the world's largest cosmetics market. Located in Scott Township, Pennsylvania, the new plant represents a key strategic move to bolster K-beauty's global footprint while creating a US-based 'tariff safe zone' amid rising trade shocks. At the factory completion ceremony held on July 16 (local time), Yoon Sang Hyun, Vice Chairman of Kolmar Group, outlined the company's broader global ambitions. "The US is where Kolmar's journey began a century ago. This second factory is not merely a production site but the starting point for a new vision of collaboration and growth. We will build an innovation ecosystem alongside diverse value chain partners to establish the largest cosmetics manufacturing hub in North America," he said. The ceremony was attended by Vice Chairman Yoon, Pennsylvania State Representative Bridget Kosierowski, state government officials, and affiliated organizations — with around 100 participants present. The newly completed facility spans 17,805㎡ (191,651 square feet) with an annual production capacity of 120 million units. Combined with Kolmar USA's first factory, the company now boasts a US production capacity of 300 million units annually. Including its Canadian operations, Kolmar Korea commands a total production capacity of 470 million units across North America — the largest among cosmetics ODMs(Original Development Manufacturer) on the continent. Specializing in skincare and suncare products — categories seeing surging demand in the US — the second factory complements the color cosmetics capabilities of the first plant. Kolmar Korea is also now certified by the US FDA with an OTC (Over-the-Counter) license for sunscreen manufacturing, enabling the company to respond swiftly to the growing K-sunscreen trend in the US market. Importantly, Kolmar Korea has transferred its advanced 'MADE BY KOLMAR' manufacturing expertise, honed at its Sejong Plant in Korea and recognized by over 4,300 global customers, to the new US facility. The factory was designed to replicate Sejong's high standards, with specialized zones for manufacturing, filling, and packaging. The integration of cutting-edge AI-powered quality monitoring and process optimization ensures minimal defect rates, while 80% of production is fully automated. Logistics systems and worker movement pathways were also modeled after the Sejong facility to maximize both efficiency and safety. Kolmar Korea anticipates the second factory will serve as a critical base for avoiding US tariffs on imported cosmetics, providing a robust local production option for both Korean and global brands looking to expand in the US market. A Kolmar Korea spokesperson remarked, "This is the first time a Korean cosmetics company has directly built a production facility in the US rather than acquiring one, making it a landmark achievement. We're ready to support K-beauty brands looking to enter the US market without tariff concerns, as well as global customers aiming for North American, European, and South American markets. Our collaboration ecosystem is poised for rapid expansion".
Cision Canada
7 hours ago
- Business
- Cision Canada
Kolmar Korea Launches Full Operation of 2nd US Factory, Establishing K-Beauty's 'Tariff Safe Zone' in America
New 17,805 ㎡ facility completed in Pennsylvania with an annual production capacity of 300 million units Full ODM production capabilities in the US — from color cosmetics to skincare and suncare — mitigating tariff and supply chain risks 'MADE BY KOLMAR' world-class manufacturing technology localized to the US market OLYPHANT, Pa. and SEOUL, South Korea, July 22, 2025 /CNW/ -- Kolmar Korea has officially completed construction and begun full-scale operations of its second manufacturing facility in the United States, the world's largest cosmetics market. Located in Scott Township, Pennsylvania, the new plant represents a key strategic move to bolster K-beauty's global footprint while creating a US-based 'tariff safe zone' amid rising trade shocks. At the factory completion ceremony held on July 16 (local time), Yoon Sang Hyun, Vice Chairman of Kolmar Group, outlined the company's broader global ambitions. "The US is where Kolmar's journey began a century ago. This second factory is not merely a production site but the starting point for a new vision of collaboration and growth. We will build an innovation ecosystem alongside diverse value chain partners to establish the largest cosmetics manufacturing hub in North America," he said. The ceremony was attended by Vice Chairman Yoon, Pennsylvania State Representative Bridget Kosierowski, state government officials, and affiliated organizations — with around 100 participants present. The newly completed facility spans 17,805㎡ (191,651 square feet) with an annual production capacity of 120 million units. Combined with Kolmar USA's first factory, the company now boasts a US production capacity of 300 million units annually. Including its Canadian operations, Kolmar Korea commands a total production capacity of 470 million units across North America — the largest among cosmetics ODMs(Original Development Manufacturer) on the continent. Specializing in skincare and suncare products — categories seeing surging demand in the US — the second factory complements the color cosmetics capabilities of the first plant. Kolmar Korea is also now certified by the US FDA with an OTC (Over-the-Counter) license for sunscreen manufacturing, enabling the company to respond swiftly to the growing K-sunscreen trend in the US market. Importantly, Kolmar Korea has transferred its advanced 'MADE BY KOLMAR' manufacturing expertise, honed at its Sejong Plant in Korea and recognized by over 4,300 global customers, to the new US facility. The factory was designed to replicate Sejong's high standards, with specialized zones for manufacturing, filling, and packaging. The integration of cutting-edge AI-powered quality monitoring and process optimization ensures minimal defect rates, while 80% of production is fully automated. Logistics systems and worker movement pathways were also modeled after the Sejong facility to maximize both efficiency and safety. Kolmar Korea anticipates the second factory will serve as a critical base for avoiding US tariffs on imported cosmetics, providing a robust local production option for both Korean and global brands looking to expand in the US market. A Kolmar Korea spokesperson remarked, "This is the first time a Korean cosmetics company has directly built a production facility in the US rather than acquiring one, making it a landmark achievement. We're ready to support K-beauty brands looking to enter the US market without tariff concerns, as well as global customers aiming for North American, European, and South American markets. Our collaboration ecosystem is poised for rapid expansion".
Korea Herald
10 hours ago
- Politics
- Korea Herald
From drone flights to Marine's death, special probes turn sights on military
South Korea's military leadership — including the former defense minister and senior commanders — has emerged as a central focus in two of three special counsel investigations currently underway. The twin probes focus on alleged illegal drone operations over Pyongyang tied to former President Yoon Suk Yeol's suspected attempt to manufacture a justification for declaring martial law and the 2023 death of a young Marine, in which Yoon is accused of abusing his power to obstruct the initial investigation. The special counsel team led by Cho Eun-suk is continuing its investigation into Yoon's alleged martial law scheme, focusing on Maj. Gen. Kim Yong-dae, head of the military's Drone Operations Command. The probe stems from internal military testimony claiming that Yoon directly ordered Kim to carry out the Pyongyang drone operation, bypassing the official chain of command, including the Ministry of National Defense and Joint Chiefs of Staff. The drone commander has been accused of fabricating an official document to conceal the drone operation over North Korea and ordering subordinates to send the drones without approval from the United Nations Command. According to the special counsel team, military records reported the operation of two drones on Oct. 15, 2024. However, investigators found that only one drone was actually deployed, while the other was listed as lost. The team suspects records were manipulated to make it appear that both drones flew on that day — concealing that one had already crashed in Pyongyang on Oct. 9, six days earlier. After special counsel questioning on July 17, the drone commander explained that 'it was impossible to document everything accurately about the classified military operation,' adding that the issue arose from 'administrative shortcomings.' Investigators are now examining whether former Defense Minister Kim Yong-hyun also played a role in influencing the drone unit's actions. They are also looking into whether Kim carried out an unauthorized drone operation over Pyongyang in October 2024 at Yoon's direction, aimed at provoking North Korea and justifying a martial law declaration. Another special counsel team — led by Lee Myeong-hyeon and tasked with revisiting the death of Cpl. Chae Su-geun — has submitted its first arrest warrant request to the Seoul Central District Court. The team is seeking to detain former Marine Corps Commandant Lt. Gen. Kim Kye-hwan on charges of instigating malicious perjury and violating the Act on Testimony and Appraisal before the National Assembly. Kim has been identified as the person who allegedly told Col. Park Jeong-hoon — the Marine investigator initially in charge of Chae's case — that Yoon was furious after seeing the first investigation report. Since Park publicly made that claim in 2023, Kim has consistently denied ever relaying such a message. Kim has maintained his position in multiple testimonies before the National Assembly and military court, accusing Park of damaging the Marine Corps' legacy due to what he called 'hero syndrome.' Despite the special counsel team securing testimonies from others who said Yoon had expressed his anger during meetings with military officials, Kim reportedly continued to deny the allegation in recent rounds of questioning. Then-Defense Minister Lee Jong-sup also submitted a written statement to the special counsel, as disclosed Monday, testifying that he received a call from Yoon on July 31, 2023. Though Lee was set to transfer Marine Corps investigation records to police, he reportedly received a call from the number "800-7070" and decided not only to suspend a press briefing, but also to hold off on transferring the case. It was revealed that the phone number was used by the presidential office. Having previously refused to comment on the identity of the caller, Lee admitted nearly two years later that it was Yoon on the other side, seeking to clarify that the then-president did not express anger or try to interfere with the investigation, but only shared his concerns. Lee has been identified as a co-conspirator on charges of abuse of power and obstruction of the exercise of rights in the search and seizure warrant executed against him.
Korea Herald
13 hours ago
- Business
- Korea Herald
Power or oversight? The role of board chairs at Korea's top banks
Female leadership signals progress, but legacy ties, influence still loom As global investors turn a sharper eye toward corporate governance in South Korea's financial sector, scrutiny is intensifying around the leadership of the country's top financial groups — KB, Shinhan, Hana and Woori. Boardroom composition, once treated as a procedural matter by companies, now speaks volumes about their strategic priorities and governance culture. In particular, the identity and independence of board chairs have become bellwethers for how each group balances executive power, oversight and long-term shareholder value. Here, we take a closer look at the leadership shaping Korea's four major financial groups. Women at the helm: KB, Shinhan signal progress Among the big four, Shinhan Financial Group and KB Financial Group stand out for appointing female board chairs — a rare move in the still male-dominated Korean boardroom. Shinhan led the shift early, appointing Korea's first female financial group chair in 2010, the same year it abolished CEO duality. In 2024, the group named its second, Yoon Jae-won. At 55, Yoon is the youngest chair among Korea's major financial groups. A business professor at Hongik University and a core committee member at the Korea Accounting Institute, she has played a key role in reshaping Shinhan's governance architecture. Under her leadership, the group reported the fewest financial mishaps among its peers in the recent two years and was the first to submit a regulatory 'accountability map' clarifying executive roles. As former audit committee chair, Yoon championed transparency and pushed for robust oversight mechanisms. Her impact has been felt beyond Korea. In a recent interview with The Korea Herald, the Asian Corporate Governance Association named Shinhan Korea's top performer in value enhancement, and Yoon broke new ground by independently hosting an investor meeting in Hong Kong in June — a first for a nonexecutive Korean chair. KB followed suit by appointing its first female chair, Kwon Seon-joo — a former CEO of the Industrial Bank of Korea — last year. She was succeeded in 2025 by Cho Wha-joon, signaling the group's continued commitment to board diversity. A seasoned finance executive, Cho previously served as chief financial officer of both BC Card and KT Capital, where she was also the first female CEO within KT Group. After leaving KT, she spent six years on the board of Mercedes-Benz Financial Services Korea as a director and audit committee member before joining KB's board in 2023. In contrast to peers emphasizing change, Hana Financial Group and Woori Financial Group opted for continuity by appointing seasoned male directors as chairs. At Hana, Park Dong-moon was named chair in March after serving as an outside director since 2021 — the longest tenure among current board members. A career executive, Park previously led Kolon Industries and other Kolon affiliates and is widely seen as a professional corporate manager. His ties to Kolon have drawn attention, as the group holds a 1.4 percent stake in Hana. Though modest, the cross-holding signals a longstanding business relationship that has raised questions about board independence. Proxy adviser Institutional Shareholder Services and other governance observers have flagged potential conflicts. Nonetheless, industry insiders view Park's promotion as a vote for stability, especially as the group's CEO Ham Young-joo also secured a second term in March. Woori tapped Yoon In-sub, an insurance industry veteran, as chair in March. He previously led ING Life Korea, KB Life and Fubon Hyundai Life, and was recommended by Woori strategic investor Fubon Life of Taiwan. His appointment as chair aligns with the group's planned reentry into insurance this year — a top priority as Woori looks to reduce its heavy reliance on banking, which still generates almost 90 percent of its earnings. But Yoon's reappointment came under fire earlier this year. Proxy adviser ISS recommended voting against his extension, citing a weak board response to past governance controversies surrounding former Group CEO Sohn Tae-seung. Yoon joined the board in early 2022 and served during Sohn's regulatory scrutiny, leading some to view him as partly accountable. Sohn is now under investigation for allegedly arranging illegal loans for relatives, intensifying calls for stronger risk oversight from Woori's board. Still, Yoon's elevation underscores Woori's commitment to making its insurance strategy work. He is believed to have played a central role in last year's acquisition of ABL and Tongyang Life and is expected to remain a key figure as the group charts its new path forward.
Korea Herald
13 hours ago
- Politics
- Korea Herald
Presidential aide steps down over book defending Yoon's martial law
Kang Jun-wook, the presidential secretary for national integration, resigned Tuesday, the presidential office has announced, after drawing public criticism over his book defending former President Yoon Suk Yeol's failed martial law bid. Merely a week after President Lee Jae Myung named Kang to take on the newly established position within his office, the secretary offered to resign in them morning, according to presidential spokesperson Kang Yu-jung. The president accepted the resignation after considering 'the public opinion that (Kang's beliefs) do not align with the governing philosophy and principles of the administration,' the spokesperson added. Public concerns were stoked after it was found that Kang, who had been tasked with unifying a politically divided country, expressed opinions aligned with far-right ideologies through social media and a book published in the past. Kang published a political commentary book in March this year that contained portions supporting Yoon's martial law bid. '(Yoon's) martial law was imposed as an act of rebellion as he could no longer bear the violent abuse of power of the majority party,' he wrote in the book, referring to the Democratic Party of Korea, which holds a firm parliamentary majority. He added that the public's view of Yoon's martial law as an act of insurrection is the result of manipulation of opinion by the Democratic Party. A Facebook post uploaded by Kang around 2018 also reflected pro-Japan views, as he supported the 1910-45 Japanese colonial rule over Korea as a way of modernization, while undermining the forced nature of Japan's wartime military sexual slavery. 'The attitude of the Japanese people is too respectful to have recklessly taken away anyone from the streets, including comfort women,' Kang wrote, using the euphemistic term for Korean victims of sexual slavery. 'I believe that the colonial rule modernized (Korea) and do not believe in forced labor.' Far-right scholars tend to deprecate independence fighters against Japan in the early 20th century as terrorists, based on a view that Japan's 1910-45 colonial rule helped Korea modernize. The presidential office said it plans to name as Kang's successor another conservative figure who shares the Lee administration's political philosophy. In recent weeks, several of Lee's Cabinet picks have been mired in controversies. Kang's resignation closely follows the president's decision to withdraw his nomination of Education Minister Lee Jin-sook, following allegations of academic plagiarism and of breaking the law to send her daughter to study overseas. The former nominee had apologized for sending her daughter overseas in 2007, when she was a ninth grader, against Korean law that stipulates compulsory education through middle school, which ends after ninth grade. However, she denied allegations of academic plagiarism. The president appears, on the other hand, likely to push forward with the appointment of Gender Minister nominee Kang Sun-woo, who has been accused of mistreating staff members at her legislative office in recent years as a two-term Democratic Party lawmaker. Kang Sun-woo is alleged to have replaced staff members 46 times over just five years and made demands of them outside of their legislative support duties, such as asking them to fix her toilet, according to reports. The nominee said at her hearing that the correct figure was actually 27, not 46. Presidential spokesperson Kang Yu-jung said at Tuesday's morning press briefing that President Lee is expected to file a request with the National Assembly by the end of the day to reconsider and adopt Kang's personnel hearing report. The rival parties last week failed to agree on the adoption of Kang's personnel hearing report, which is a mandatory step in a Cabinet nomination. Yet while Cabinet ministers are required to undergo a parliamentary confirmation hearing, their appointment by the president is not contingent on the Assembly's approval.
