Hyosung Deepens
Penetration in Vietnam

Company dedicates spandex plant in S.E. Asian country following plants in China and Turkey

Hyosung Corp., the world's second largest spandex maker, launched a new spandex plant near Ho Chi Minh City, Vietnam, in a ceremony on June 19, the company said recently.
The new plant is capable of producing 15,000 tons of spandex a year, bringing the company's total annual production of the chemical fiber to 92,000 tons.
The company said the annual production is right behind the 110,000 tons produced annually by Invista of the United States, the largest spandex producer in the world.
The new plant is the third overseas spandex plant for the company, following plants in China and Turkey. The company said its Vietnamese plant will be a base for its global advancement as the Vietnamese textile market has been growing from 20 percent to 30 percent per year recently.
Hyosung has two Korean spandex plants in Gumi and Anyang, two plants in China's Jiashing and Zuhai and a plant in Istanbul, Turkey, propelling its operation into the European spandex market.
Hyosung has been right on course to be the top producer of spandex in the world and its Vietnamese plant will help it make further inroads into the southeast Asian market, which has been growing rapidly as a market for textile products as well as a production base not only for textile fabrics, but also clothes, a Hyosung official said.
Vietnam's location is an advantage for Hyosung to gain footholds in such strong textile exporting countries as India and Indonesia. The country has also been attracting a sizable number of buyers from Europe and North America due to the low price and high quality of its textile products.
Hyosung, in the meantime, held a tape-cutting ceremony to launch an ultra-high voltage transformer in Jiangsu Province, China on May 30.
Those in attendance at the ceremony included Vice Chairman Lee Sang-un and President Cho Hyun-moon of Hyosung's Power and Industrial Systems PG and Jin Mong-mong, vice chief secretary of the Jiangsu Provincial Government and Jeong Daewe, mayor of Nantong, among others.
The Chinese transformer market is projected to grow at an average annual rate of 7 percent until 2016. Hyosung expects the demand for ultra-high voltage, large-capacity transformers for long distance transmission to rise rapidly.
Vice Chairman Lee said the completion of the transformer plant is a result of the company's globalization strategy. He said, "We plan to develop into one of the big-three companies in this field in China, and make important contributions to the expansion of the power infrastructure in the country."Nantong Hyosung Transformer invested 80 billion won to build the new plant since launching the project in 2006. The plant has the capacity to produce transformers equivalent to an annual total of 21,500 MVA per year and is equipped with state-of-the-art facilities and operating systems including ventilation and vacuum drying facilities, the company said.
A Hyosung affiliate, Hyosung Ebara Engineering, in the meantime, won the bid to undertake the waste treatment facility project in Qatar on May 14, the company said recently.
It is the largest overseas project so far clinched by the company in an open bidding since the company launched its overseas operation in 2004 in such countries as Indonesia, Malaysia and Brazil.
The waste treatment facility ordered by Qatar is based on the Middle East country's plan to take care of the increasing volume of industrial garbage as the country steps up its plans for industrialization by building more plants.
Hyosung Ebara is in a position to further prove its engineering capability as it won the project in a public bidding participated in by world-renowned engineering firms. The project involves civil, construction and other building skills.
Hyosung has also put itself in an advantageous position to go after similar projects in the oil-rich region, especially in environmental areas as the countries in the region pay increasing attention to environmental problems and the construction of facilities to prevent them. nw

Hyosung Nantong Transformer opens another high-voltage transformer plant in Nantong, Jinagsu Province, in China, on May 30 with many local dignitaries and company officials in attendance.

Chairman S.R. Cho of Hyosung Group. He also is chairman of the Federation of Korean Industries.