On April 30, chemical material specialist Huvis (CEO Shin, You Dong 079980), announced that it established Huvis Global (www.huvisglobal.com), a subsidiary with a particular focus in overseas investments, with the intention of effectively overcoming the continuously increasing global atmosphere of protectionism and reinforce its leadership of chemical materials on the world stage. Vice president Shin, You Dong head of the Future Strategy Office of Huvis, was also appointed as CEO of Huvis Global.
In 2002, Huvis established Sichuan Huvis, a local subsidiary in China, and turned it into a national leader in differentiated materials, and has recently been working on a joint venture in the US in tandem with a global leader in petrochemical materials, Indorama Ventures (Thailand). It is widely seen as a bold move to further edge ahead of its competitors by building a local production and sales system in response to the Trump administration’s wave of protectionism. Huvis is planning to continuously expand its overseas production and sales establishments by increasing joint ventures with Indorama Ventures in other key areas as well as the US. Huvis Global was established to manage its overseas investments, such as overseas joint ventures and M&As, and manage its overseas subsidiaries. The company aims to leverage Huvis Global as a way to uncover various investment opportunities, for instance, glocalization* of existing core businesses and discovering new growth engines.
Hyunsuhp Shin, CEO of Huvis Global, stated, “Huvis Global will be dedicated to overseas investments to transform Huvis from its export-dependent business model to a glocalization model based on localization of core markets, such as the US and Europe, and faithfully serve as the investment platform that can contribute to increasing the future value of Huvis.”
Huvis is the largest chemical fiber material company in Korea, which was founded as a joint venture between SK Chemical and Samyang Corporation. It has been the world’s leader in low melting fiber, the high-value-added environment-friendly material, for more than 20 years, and one of the top 5 global companies in the industrial differentiated materials market, such as sanitary materials.
* It’s a compound word of globalization and localization. It refers to a management style that respects the values of local enterprises and businesses and executes localized strategies while pursuing globalization at the same time.