Cho Hyun-joon, President of Hyosung Corporation, met with Quzhou Party secretary Chen Xin in Quzhou to explain Hyosung’s major business projects in China and Chins-bound investment. Cho also asked for Chen Xin’s support for Hyosung’s spandex and NF3 (Nitrogen trifluoride) operations in China.
To thank Hyosung’s investment in Quzhou (a prefecture-level city in western Zhejiang province), Quzhou has named one of its downtown roads after Hyosung.
Cho said: “Hyosung entered the Chinese market in the late 1990s. Over the past 20 decades, Hyosung has enjoyed great success in China. We will grow our spandex and NF3 plants, currently under construction in Quzhou, into one of the main props of our production base in China.”
Chen Xin responded: “Hyosung is the first Korean company to invest in the sectors of NF3, an oxidizing gas used in the manufacturing process of semiconductors, and spandex in Quzhou. We really appreciate your investment.”
Since the late 1990s, Cho has been keen on the Chinese market in order to nurture Hyosung’s spandex business into the world’s No.1.
In 2007, Hyosung became the largest spandex manufacturer in China, a feat achieved in just 5 years since its spandex plant in Jiaxing, northern Zhejiang province, went into operation. Since 2010 Hyosung has established itself as the world’s largest spandex manufacturer.
A Hyosung official said: “Hyosung’s Chinese subsidiaries have pressed ahead with their localization strategies, hiring local talent across the board. Their localization strategies paid off. Hyosung’s production base in China has become a role model for successful global expansion.”
Recently, Cho has stepped up his effort to break into China’s ATM market. Regarding China as the outpost for the expansion of Hyosung’s information and communication business, Hyosung set up an ATM plant in Huizhou last year.
The Huizhou ATM plant went into operation in March. Many think that Hyosung has laid the foundation for supplying to the Chinese market and meeting global demands for ATMs.
Hyosung has 18 subsidiaries and 6 offices in Jiaxing (Zhejiang province), Zhuhai (Guangdong province), Beijing, etc. Hyosung is currently constructing a spandex plant (with an annual capacity of 16,000 tons) and an NF3 plant (with an annual capacity of 1,500 tons) in Quzhou. Once construction is completed, the number of Hyosung subsidiaries in China will be increased to 20.