WoongJin Celebrates 30th Anniversary

Chmn. Yoon sees WoongJin sales tripling to 15 tln won by 2015 with help of construction and chemical sectors

Chairman Yoon Seok-keum of the WoongJin Group said he will never enter politics and will focus on business plans for the group to achieve 15 trillion won in annual sales by 2015 and an operating profit of 2 trillion won. The top executive announced the new vision for WoongJin during a ceremony for the 30th anniversary of the group held at the Westin-Chosun Hotel on April 1.
The founder of the group said he will expand R&D activities to take up the challenge for the group to be a top business entity in the world. With regard to rumors that he might enter politics, he said he didn’t even mention that he “might consider it” to anyone and turned down offers every time they arose. Yoon believes an owner of a business should first of all take responsibility for its employees. Only then can the owner afford to go in a different way.
Recalling that he started business with just seven employees back in 1980 and his business has grown to be big enough in the past three decades to record 4.8 trillion won in annual sales with 47,000 employees on his payroll, he said he will see that WoongJin will be a leading global concern not far down the road and will last long in business. He said air cleaners and water purifiers and other electric and electronic home appliances made by WoongJin became tops in the world, adding that poly-silicon and ingot plants related to solar power plants will also be money makers for the group, soon ruling out M&As and expansion into new businesses. As to the operation of Kukdong Construction, which the group took over recently, he said the company will do well as new orders increase this year with an expected jump in operating profits of 30 percent this year.
What began as an educational publication business in 1980, WoongJin Group has grown into an enterprise of middle standing with 14 affiliated companies in seven business areas including environmental consumer electronics like water purifiers and air cleaners, home appliances such as rice cookers, and food and beverage products with sales of 4.8 trillion won in 2008. On May 1, 2007, WoongJin became a holding company in order to secure international competitiveness and stronger growth, and has constantly identified a new driving force for growth by launching new businesses.
WoongJin constantly pursues creativity and innovation in many fields: <Heim High School Studies> allowed high school students to learn at home with audio cassettes recorded by famous lecturers when the extracurricular lecture was prohibited in 1980. <WoongJin Lives of Great Men> presented a new concept of the life of great men by defining a great man as the best professional in his/her field exerting their utmost efforts, not confined to the role of a general or a patriot.
When the IMF crisis broke out in 1997, WoongJin came up with the idea of a water purifier rental service (“Rent the Water Purifier at a Reasonable Price to Drink Clean Water”), thereby changing the flow of the Korean distribution market and achieving its second leap. It has approximately 4,300,000 rental members at present.
Followed by the acquisition of Kukdong Construction in 2007, WoongJin acquired Saehan Chemical (Currently WoongJin Chemical) in 2008, thereby expanding its sphere to the construction and chemical fiber businesses.
Instead of being satisfied with the No.1 standing in the water purifier market, WoongJin has exported water purifier products and rental systems abroad, actively expanding its business market in the United States, Europe and Southeast Asia. nw

Leading executives of WoongJin Group including presidents of affiliates led by Chairman Yoon Seok-keum are gathered for a photo session on the occasion of the group’s 30th anniversary ceremony held at Westin-Chosun Hotel in downtown Seoul on April 1.

Chairman Yoon Seok-keum of WoongJin Group.