Hyosung Group calls for aggressive US push
Korea, Seoul: Hyosung Group Chairman Cho Hyun-joon called for an aggressive approach to increase its business foothold in the US during his recent visit there.
“The USA holds the key to new market dynamics in the post-pandemic era,” the chief was quoted as saying by Hyosung officials in Seoul. “With thorough localization and attention to the customers’ needs, we must increase our market presence here.”
Seoul officials linked the chairman’s comments to the USA plans to spend $1.2 T on infrastructure for grids and renewable energy.
Earlier on in his US visit, Cho visited the group’s power transformer factory in Memphis, Tennessee, and toured its production lines with Tennessee Senator Bill Hagerty.
The two discussed the possibility of establishing a local supply chain for the parts needed to make Hyosung’s power transformers. The senator pledged “full-fledged” support for the Memphis plant, which is currently undergoing an expansion. Once the expansion is completed later this year, the plant’s annual production capacity for ultrahigh-voltage power transformers will increase to 60 units, which will generate more than $100 M in sales.
On 10 September the chairman was in Dallas and dropped by Nautilus Hyosung America, the North American branch of Hyosung TNS, which controls 73 % of the market for small automated teller machines.
After meeting with local financial and IT experts, the chairman called for digital innovation, arguing that transactions are increasingly taking place in the digital sphere.
Under Cho’s command, Hyosung TNS will cooperate with US financial institutions to develop kiosks for crypto currency transactions and the necessary software platforms.
Source: The Korea Herald