Samyang, Determined to Reorganize Core Business Sectors
- Celebrating the 80th anniversary of its founding

Samyang, marking the 80th anniversary of its founding on Oct. 1s, is one of Korea's long-standing conglomerates, which has developed eight business sectors -food, engineering plastics, specialty chemicals, pharmaceuticals, feed, industrial fibers, trade, and environmental engineering.

Kim Yoon, 51, a third-generation CEO of the group founder, Kim Yeonsu, has been exerting himself to transform the business group since he took the helm of the business group as its chairman last March.

As part of his efforts to gain a new momentum for growth, Samyang Corporation Chairman-CEO Kim declared his company's mid- and long-term vision, calling for reorganizing Samyang's business focus on four core business sectors -pharmaceuticals, chemicals, foods, and newly emerging businesses, among the others, as well as a new corporate identity. He revealed the vision and the new corporate identity during a ceremony celebrating the 80th anniversary at the COEX in southeastern Seoul on Oct. 2. Among the 5,000 company employees, their families and other participants were Samyang Group honorary chairman Kim Sang-hong, Samyang Group Chairman Kim Sang-ha.

Samyang Business Group has decided to establish and award the Sudang Award, named after the nom de plume of the Samyang founder, Kim Yeonsu, with persons recognized for their contribution to the development of the nation and society. The creation of the award is aimed at inheriting and evolving the founder's spirit of developing the nation into an industrial powerhouse, Samyang said.

Samyang Group Chairman Kim said in his speech during the ceremony that the path Samyang has taken during the past 80 years, overcoming the hardship could be summed up as challenges and a continuity of choices. He said he feels happy and proud that Samyang has contributed to serving as a driving force to the development of the national economy.

Samyang Corporation Chairman Kim Yoon said Samyang would push for diversifying existing businesses based on such core capabilities as technology and R&D and upgrading its business structure and promoting globalization through its foray into foreign countries.

The mid- and long-term vision "A Corporation Making Life Affluent and Convenient," aims at raising sales to 5 trillion won with a 20 percent rate of return on capital employed by investing 2 trillion won by 2010.

In specific terms, Samyang will diversify high value-added applications of the chemical business sector by making the most of its foundation in the industrial materials field targeting global markets. The business group will concentrate on the fostering integrated food materials and functional food products. Samyang recently inked a deal to acquire the processed fat sector from Heinz Korea.

The business group aims at transforming the pharmaceutical division into a global company specializing in production of pharmaceuticals and medical instruments.  

Samyang sets its sights on upgrading its business structure by making its entry into new business sectors such as advanced info-tech materials with technology-intensive and high value.

The business group adopted "Life's Ingredients," the concept of the new corporate identity, showing the group? willingness to make life a more affluent and convenient one.

Samyang published a book of company chronicle spanning from 1924 to the president. During its history Samyang has been on the forefront of many new concepts.  Samyang started with the nation's first modern-type corporate farm in 1924. Samyang became the first Korean company to advance to Manchuria. In 1939, the business group established Korea's first civilian scholarship foundation.

Samyang entered the sugar production business in 1955 and the chemical fiber-manufacturing sector in 1969 in which Samyang played a pioneering role in the history of Korea's modern business.

The business group has Samyang Corporation and seven other subsidiaries, including Samyang Genex, Samyang Heavy Machinery, Samnam Petrochemical, Samyang Kasei, and Samyang Milmaxs. The business group posted 2.1 trillion won in sales in 2003 and the turnover is forecast to rise to some 2.6 trillion won this year.   nw