The story
Founding and early growth (1966–1979)
Hyosung was founded in 1966 as Tongyang Nylon Corporation. In 1970, the company merged with Hanil Nylon Co.Ltd., and the following year established its Electronic Communication Research Center. In 1973, the group expanded further with the foundation of Tongyang Dye Engineering Co.Ltd., Tongyang Polyester Co.Ltd., and Toplon Co.Ltd. HanYoung Industrial Co.Ltd., was acquired in 1975. By 1978, the group had developed BCF yarn for carpets and founded the Heavy Industries Technology Research Institute. The group acquired Yulsan Heavy Industries and Yulsan Aluminium from the Yulsan Group in September 1979.
Expansion and diversification (1980–1997)
In 1980, Hyosung constructed its Gumi Computer Plant. In 1984, the group merged with Toplon Co., Ltd. and Hyosung Construction Co., Ltd., and in 1985 and 1986 established Hyosung NAS Co., Ltd. (currently Hyosung Information Systems) and Hyosung Hitachi Data Systems Co., Ltd. (currently Hyosung TNS), respectively. The late 1980s saw further growth, with the foundation of Korea Engineering Plastics Co., Ltd. and the Resin Processing Research Institute in 1987 and 1988, the merger with Wonmi Fiber Industry Co., Ltd. in 1987, and entry into the PP and propylene business alongside the foundation of Hyosung EBARA in 1989.
The group continued to grow through the 1990s. In 1994, Hyosung Information & Communication Co., Ltd. was established. In 1996, Dongyang Nylon was renamed Hyosung T&C and Dongyang Polyester became Hyosung Living Industry. That same year, Hyosung VINA Co., Ltd. was established in Vietnam and the group started its polyester film business.
Restructuring and consolidation (1998–2010)
In 1998, Hyosung T&C, Hyosung Trading, Hyosung Living Industry, and Hyosung Heavy Industries merged to form Hyosung Corporation. The company subsequently reorganized into five Performance Groups (PGs) and 31 Performance Units (PUs).
In 2003, the group developed nylon 66 yarn for airbags and the silver fiber brand 'Mipan Magic Silver', and established The Class Hyosung, an imported car sales corporation. Product innovation continued in 2004 with the launch of the nylon 66 clothing yarn 'Zenio', the PTT carpet 'Ion-free', and the silver nanofiber 'Mipan Nano Magic Silver'. In 2006, the group successfully developed Korea's first wind turbine system, and in 2007 launched the recycled yarn 'Mipan regen'.
In 2008, Hyosung acquired ChinHung International, Inc. and completed a photovoltaic power plant in Taean, Chungcheongnam-do. Hyosung Toyota Corporation was established in 2009, and in 2010 the Fiber PG supplied Askin materials to Uniqlo.
Global growth and innovation (2011–2017)
In 2011, the group signed an industry-record $1.8 billion steel cord supply contract through its Tire & Industrial Reinforcements PU and acquired Global Safety Textiles (GST), the world's largest airbag fabric manufacturer. Also that year, the Wind Power Division shipped its first commercial 2MW wind turbine.
In 2013, the group launched its carbon fiber brand 'TANSOME' and the integrated apartment brand 'Hyosung Harrington Place'. The year also marked the world's first commercialization of the high polymer material polyketone and the securing of certification for a pressurized hollow fiber membrane module by Hyosung R&DB Labs. In 2014, Hyosung opened Some Sevit (Sevit Island) on the Han River.
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In 2016, the Power Systems PU developed Korea's first 15MW-class tidal power generator and the POK Business Division obtained automotive management system certification. In 2017, Cho Hyun-joon was appointed as Hyosung Group chairman and representative director.
Holding company transition and recent developments (2018–present)
In 2018, Hyosung restructured into a holding company model, with Hyosung Corporation becoming the holding company and four operating companies, Hyosung TNC, Hyosung Advanced Materials, Hyosung Heavy Industries, and Hyosung Chemical, established as subsidiaries. In 2019, the group established a Production Technology Center, introduced sustainable spandex under the 'creora regen' brand, established Korea's first liquid hydrogen refueling station in Samcheok, Gangwon Province, and successfully developed and demonstrated Korea's first voltage-source HVDC system.
In 2020, Hyosung Chemical partnered with the Korea Institute of Science and Technology (KIST) to develop advanced gas barrier packaging film materials. In 2021, Hyosung Heavy Industries and Linde established a joint venture for a liquid hydrogen business and commenced construction of the Ulsan liquid hydrogen plant. In 2022, Hyosung TNC achieved the world's first commercialization of bio-based spandex. In 2023, Hyosung TNC launched sustainable black spandex and became the first company to apply recycled fishing net fiber ('regen Ocean Nylon') in outdoor apparel.
From Wikipedia’s article on Hyosung, shared under CC BY-SA 4.0.5