South Korea’s Hyosung is expected to become part of the trillion won club of companies with an operating profit of more than a trillion won for two years in a row. The company, with stakes in textiles, chemicals, industrial materials, construction, trading and IT, joined the club last year with an annual operating profit of 1.016 trillion won.
The company, which till late last year held the largest shares of the global markets for spandex, tyre cords, seat belt yarns and airbag fabrics, posted an operating profit of 232.3 billion won in the first quarter of this year, according to a recent company press release.South Korea's Hyosung is expected to become part of the trillion won club of companies with an operating profit of more than a trillion won for two years in a row. The company, with stakes in textiles, chemicals, industrial materials, construction, trading and IT, joined the club last year with an annual operating profit of 1.016 trillion won. #
Its global market share for spandex is 33 per cent and for tyre cords, it is 45 per cent.
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.
“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,” company president Cho Hyun Joon said. (DS)
Fibre2Fashion News Desk – India
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