Hyosung Chairman Hyun Joon Cho Leads Revival of Heavy Industries Business and ESS Grows 10-fold on-year

Business Wire

SEOUL, South Korea–()–Hyosung Chairman Hyun Joon Cho has propelled the revival of Hyosung Group (KRX:004800)’s heavy industries business by pursuing a strategy to focus on orders for highly profitable projects. The strategy is regarded as instrumental in shifting the business from a deficit of hundreds of billions of won in 2012 to a surplus of about 150 billion won ($132 million) in 2015.

Seeing in product defects a decisive factor behind increased production cost and deficit, Chairman Cho has emphasized rigorous quality control. This emphasis was also of a great help to securing customer trust, not to mention improving profitability.

Its ESS business has grown explosively this year. The ESS division of Hyosung Heavy Industries (KRX:298040) posted revenue of 150 billion won for the first half of this year, nearly 10 times as much as that for the same period of last year. It is more than double the previous year’s annual sales of 70 billion won. Its ESS sales for this year are expected to rise to about 270 billion won, which is about quadruple last year’s.

Forecasting domestic ESS market to grow fast under the government’s policy to expand renewable energy, Chairman Hyun Joon Cho has solidified a foothold for Hyosung Heavy Industries to grow into a market leader that competitors can hardly catch up with. For more than 35 years, it has accumulated heavy electric machine technology and know-how to operate electric power systems, and helped by them, it has secured a solid position in the field of domestic power transmission and distribution. Thanks to well-recognized technological prowess and highly acclaimed stability of its systems, the company was able to supply 340MWh of ESS until 2017, increasing its market share to more than 30% and becoming No. 1 ESS provider in Korea.

“Hyosung will be a global top provider of energy solution by utilizing years of our unrivalled technology innovations,” Chairman Hyun Joon Cho said. “We will lay the basis for our further growth by entering global renewables markets with our heavy electric equipment, ESS and smart grids, and will enlarge our share in the markets.”

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