Hyosung Takes
Over U.S. Company

Nautilus Hyosung expands its marketing reach for ATMs with takeover of Triton Systems

Nautilus Hyosung Co., an affiliate of Hyosung Group, announced recently that it has taken over Triton Systems of the United States, a maker of automatic teller machines.
The two companies signed a contract on the deal, but agreed not to divulge the details of the contract including the number of shares that Hyosung will buy for its stake in the U.S. company.
Triton Systems, an affiliate of the Dover Group in the U.S. engaged in the production of heavy equipment, has sales network in key global locations such as Britain, Canada, Australia, and Mexico in addition to its domestic sales branch office in the U.S. The company ranks the 5th in the production of ATMs behind Hyosung with its annual sales amounting to $80 million last year.
Managing Director Cho Hyun-sang of Nautilus Hyosung said the company will be able to expand its market to North America and Europe with the take over of Triton from its traditional market limited to Korea and China. Managing Director Cho who led the take over deal, said Hyosung now will be the third largest ATM maker in the world as it is put in a position to expand its sales by 15 percent annually through Triton following the National Cash Register(NCR) and Diebold, both of the U.S.
Hyosung has been busy lately with moves for M&As mainly overseas to boost its sales figures. In 2006, the group took over four tire code plants from Goodyear Tire and last year, it took over the spandex plant in Zuhai, China from Dongguk Trading. It now has become the No.1 producer of tire codes in the world and No. 2 producer of spandex in the world.
The group also took over a mid-sized construction company, Jinhung jointly with Star Lease, a financial company to supplement the weakest area of its operation.
Nautilus Hyosung recorded the annual sales of 350 billion won last year with a 40 percent market share of the ATM market in the country.
Managing Director Cho, 37, is the third son of Chairman S.R. Cho and he has been leading all cases of the group's M&As in the past several years. Chairman Cho transferred the trading and fiber sectors to the eldest son Hyun-jun and heavy industry sector to his second son, Hyun-mun. M.D. Cho is in charge of the group's strategy including the search for new growth engines.
He has been able to boost his image both inside the group and outside for his deft ability and experience for M&D deals for the group He gained fame when he swung a deal for 3 trillion won worth of tire code sales when completing a deal to take over 4 tire code plants from Goodyear Tire back in 2006. Last year, he led the project to take over Jinhung Construction jointly with Star Lease, expanding the group's operation into construction.
His business acumen is now widely recognized since he successfully made a deal with Mercedes Benz to become its sales agent in Korea and the agency business has been operating in the black since last year.
He is a graduate of Yonsei University in Seoul and attended Brown University in the U.S. He worked for Bain and Co. and NTT Docomo to gain experiences for working with multinational companies.
In 1998, the senior Cho had him join Hyosung and had him oversee the merger of four Hyosung affiliates including Hyosung T&C, Hyosung Trading, Hyosung Heavy Industry and Hyosung Life Industry into a large company as part of reorganization of the group. nw

Chairman S.R. Cho of Hyosung Group.