Buhmwoo Puts Energy into Realizing Value for People and Society
- Also focuses on tech development and renovation

Buhmwoo and Family of Companies has faced many difficulties that brought havoc on the nation's industries as the oil price hikes in the 70s, severe labor strife in the 80s and the Asian financial crisis in the late 90s since its establishment in 1973. However, the company has developed into a leading Korean metalwork processing company with technology prowess without jettisoning any one of its work force while overcoming the hardship during the 31-year period.
Kim Myung-won, CEO of Buhmwoo and Family of Companies, expounds one of his company's management beliefs as a human-based corporation that respects human beings the most. Kim recalls, "I've never forgotten my management principles - human-based management and contribution to society while running Buhmwoo and Family of Companies for the past 31 years." He describes his mission for realizing a human-based corporation as the concept that humans are the most precious asset of the corporation and the source of realizing value. Buhmwoo and Family of Companies CEO Kim said his company has devoted itself to respecting individual employees' personality and creativity, taking pride in their company and creating an environment where they work in a pleasant manner.
Buhmwoo and Family of Companies also focuses on becoming a technology corporation that provide the best satisfaction and value for customers and a corporation that focuses on environmental considerations.
The company was conferred the Order of Industrial Merit, Gold Tower in recognition of his meritorious contribution in ensuring quality management during the 30th Nation Quality Management Convention, organized by the Korea Standards Association on Nov. 19.
Since its inception, Buhmwoo and Family of Companies has concentrated its research on making products aimed at satisfying the needs of customers. What differentiates Buhmwoo with other companies is that the company pursues quality improvement through joint technology development with client companies.
Secondly, Buhmwoo and Family of Companies activated Total Quality Control, a management renovation activity for invigorating vertical and horizontal communication through a combination of top-down and bottom-up methods.
Thirdly, Buhmwoo has an operational structure while adopting a company wide quality management for more than 20 years without a hiatus. In particular, the company has created an advanced quality and environmental management system by elevating Total Quality Control to Total Quality Management. Buhmwoo has been awarded such certificates as ASME NQA-1 on nuclear power parts and ISO/TS 16949 (LRQA).
Behind Buhmwoo's strides is the company's strategy to make efforts to accommodate nearly all difficult demands of customers in the industry of diverse items and small amounts. Its focus on technological development and meeting diverse demands of customers has paid off.
Buhmwoo attracted foreign investments 25 years ago and set aside funds to aid them as R&D outlays. Despite the exorbitant 40 percent tariff imposed on imported raw materials, the company converted the investments into R&D outlays for the future.
The company has been investing more than 8 percent of its profits each year since its foundation in a bid to obtain technology and a competitive edge in the global market. Buhmwoo's research staff accounts for 25 percent of total employees.
In the latest development, Buhmwoo dedicated an advanced research institute with an investment of 12 billion won in Hwaseong, Gyeonggi Province, this year, in what is seen as a bold move for a smaller company. The research team, formerly part of the existing department, has now changed into an independent organization - Buhmwoo Institute of Technology Research (BIT), which carries out such duties as the development of new products and technology marketing in an efficient manner by directly listening to customers' needs.
Buhmwoo has implemented an employee shareholding system since the early stage of the company as a means of encouraging the "master's spirit" among employees and help them raise their assets. Employees have a 40 percent interest in the company's stock.
Buhmwoo, which started with 12 employees, has recruited all employees through public contested screening methods without the founder's intervention. Impartiality in assessing individual employees has paved the way for cementing mutual trust and teamwork. Employees recruited in the first public screening test have been promoted to take the helm of each division this year, and head the Buhmwoo Fraternity Confederation.
As part of its efforts to secure a competitive edge in a global market with fierce competition, Buhmwoo is launching the "I-TOP" innovation drive. The I-TOP, short for "Targeting of Profits, as Innovation & Activating," is aimed at achieving goals through renovation. To reach this goal, Buhmwoo is redoubling efforts to enhance efficiency in performances by introducing a new time management system while building a system for assessing individuals' performances.
Buhmwoo and Family of Companies has a vision to construct an environmentally friendly production business structure that takes care of a man's rich life and nature while preserving the environment. The company has been carrying out an environmental management system since 1997 under the motto "Green Management Contributing to Society."
Buhmwoo produces such products as cutting oils, rust preventive oils, rolling oils, metal forming fluids, automotive rust preventives, hydraulic oils, and oil cleansers. nw