효성그룹의 성장과 발전

Growth & Development of Hyosung Group

Established in 1957, the Hyosung Corporation, flourished through the 1970s. The 1970s were a very critical time in the history of the formation of Chaebols in Korea. During this era, the export-driven policies and heavy chemical industrialization facilitated the Chaebols foundations. When the Hyosung Mulsan, the Hyosung company s mother body, was nominated to be a general trading company system in 1977, the company expanded itself into diversification. The Tongyang Nylon Co., Ltd, which was initially included under the diversification, completed the total production system, and took advantage of the process-industry for the continuous enlargement of plants and committed vertical as well as horizontal integration. In the 1980 s, the Hyosung group experienced maturation. After the death of the company s founder, Cho, Hong-Jae, the group went through a dangerous period which resulted from the conflicts between labor and capital in the late 1980 s. However, since Cho, S. R, who took over the company s authority, was involved in the company even before his founder s death, the group leaped into another era. During this period, the Tongyang Nylon Co,. Ltd. experienced a rapid change: the company escaped from the role of import replacement of synthetic fiber, and set the record for first place in the domestic market and ranked fifth in the worldwide production of nylon yarn. It reinforced the computer business, which began in the late 1970 s and accomplished a system integration of the domestic financial market to become a leader in the area. This initiated the Hyosung group s take-off in the heavy chemical industrialization area. The Hyosung groups growth pattern continued in the 1990 s as well. As a result, Tongyang Nylon CO., LTD leaped into the worldwide general chemicals arena, and the Hyosung group became a global conglomerate which included: Textile Performance Group (PG), Chemicals PG, Industrial Materials PG, Power & Industrial Systems PG, Trading PG, Construction PG, and Information & Communication PG. The Hyosung group also completed the inept business of restructuring against the crisis of foreign exchange control(1997) to become a global enterprise, being able to meet the industries rapid changes.