The elevator business is notorious.
Competition is fierce as big global players like Hyundai, OTIS, and MITSUBISHI leave their rivals in the dust. Tapping its market accessibility seems like a big mistake, and a massive amount of facility investment and high level of technical stability are warning signs for potential companies seeking to compete with these companies.
This did not stop Mr. Lee, Gum Gee. His company GUMYOUNG GENERAL dared to compete against some of the world’s toughest corporations. The journey began in 2006.
“There is little or no quality gap between GUMYOUNG GENERAL and leading manufacturers.”
The company already signed many contracts, stirring up the market. One of them is “Floating Island “(http://www.floatingisland.com/) which accommodates GUMYOUNG GENERAL’s 7 elevators. Mr. Lee adds “for installing we made an agreement with all 17 Korean construction companies such as DAEWOO and DOOSAN.”
Instability was his Inspiration
The textile business was unsteady due to its volatile nature, which led him to switch and take a “steady and stable” path. Soon, he ran into a “Rope Gripper “at an exhibition held in the United States.
In 2002, GUMYOUNG GENERAL successfully localized Rope Gripper after completing technology transfer. Four years later, he decided to break into the elevator scene, though feelings of skepticism were in the air.
Rope Gripper is safety equipment that can prevent accidents by gripping its suspension rope in case of any emergency signal from the elevator controller.
“By 2020, GUMYOUNG GENERAL will be on top.”
Widely known as an elevator manufacturer that always puts together Korea’s finest parts, the company came to everyone’s attention in the industry, especially for construction companies in Korea. In 2010, GUMYOUNG GENERAL produced all 140 elevators and recorded net sales of about USD 18 million. Active overseas sales at the markets like Jordan and Bangladesh are earning them an annual sales profit of USD 5 million.
He says “A new factory at Pa-Ju is certainly boosting our production rate, a projection of 10,000 elevators per year. This will help GUMYOUNG GENERAL stay neck in neck with major world competitors. ”
You can find more at http://www.gyg.co.kr