Samyang Corp. on
an Expansion Mode

One of Korea's long-standing business groups expands their turf in chemicals, food and pharmaceutical fields

Samyang Corp. Group Chairman Kim Yoon joined his 80 group executives and senior staff members in climbing up Mt. Cheonggae on the southern outskirts of Seoul in celebration of the 93rd anniversary of the establishment of the group on Oct. 1. The special hike was arranged as part of the group's efforts to renew their determination to realize their vision and create growth opportunities to make the next leap forward, group officials said.
In a speech during an anniversary event held shortly after the hike, Samyang Group Chairman Kim said, "I realized that like the hike, the business environment comprised of difficult and easy legs."He stressed that Samsyang will have to step up its organizational capability to overcome such difficulties as raw materials and crude oil price hikes, while striving to improve productivity and pursue profitability and growth.
Samyang Group is one of Korea's long-standing, representative conglomerates. Founded in 1924, when the group established a scientific farming business,
Samyang Corp. entered the sugar manufacturing business in the 1950s and the chemical fiber business in the 1950s, thus contributing to the development of Korea's food and textiles industries. During the 1990s, Samyang launched its pharmaceutical business and established Huvis, a 50-50 joint venture firm specializing in textiles between Samyang and SK Chemicals, through Korea's first friendly merger as part of efforts to advance its business portfolio. In 2004, Samyang unveiled its new corporate identity (CI) and a long-term vision. The group is striving to explore new growth engines in the chemicals, food and pharmaceutical fields through M&As by cashing in on the foundation it has built up so far while accelerating its ambitions to strengthen its global presence.
In the chemicals business, Samyang is advancing to such value-added and applied sectors as engineering plastics and terephthalic acid (TPA) as part of a strategy to diversify its business portfolio. Samyang has ambitions to evolve into an advanced material production company, turning out a wide range of materials ranging from the existing polycarbonate (PC) to functional materials. In particular, Samyang is seeking to expand its existing operations in Korea and abroad while striving to explore new materials areas related to the existing businesses.
In this vein, Samyang has boosted engineering plastic (EP) production capacity by establishing an EP plant in Shanghai in 2004. In 2005, the group advanced into the information electronics and materials industries by acquiring Samyang EMS. The group plans to accelerate M&A activities in order to secure advanced technology and standing.
In the foods business division, Samyang launched Q.one, Samyang's integrated food brand of Samyang, in 2003 to nurture it as a brand designed to meet the youth's life style of the youth. Samyang is putting more energy into cutting down on production costs and increasing technology development to raise its international competitiveness. The company is striving to upgrade its business portfolio by the raising the number of products in the sugar, flour, starch sugar, and oils & fats fields. It has inaugurated an integrated food research institute to raise its competitive edge while acquiring Sevensprings, a family restaurant, in 2006 and established Samyang Food & Dining by spinning off the bakery business.
The pharmaceutical business sector has emerged as Samyang's core business. In particular, Samyang is setting its sights on nurturing the pharmaceuticals business as a value-added one, contributing to improving the health of human beings. By capitalizing on the core expertise it has acquired in the drug delivery system (DDS) field, Samyang is expanding business areas into a wide range of products ranging from patches through next-generation biopolymer technology to medical devices and anticancer drugs. Of late, Samyang has successfully localized and marketed Genexol PM (Paclitaxed- loaded polymer micelle) parenteral formulation for the first time in Korea, and it is set to produce new medical products by establishing an injection drug plant in Daejeon. Samyang is aggressively attempting to make MR&As with the goal of evolving into a global pharmaceutical company focusing on R&D activities in the pharmaceutical business. nw

Samyang Corp. Group Chairman Kim Yoon and his executives and senior members pose for the camera during a hiking marking the 83rd anniversary. (right photo) Samyang Corp. Group Chairman Kim.