Cooperating to expand business and secure technical know-how
The Industrial Materials PG will join hands with Japan’s Sumitomo to establish a joint venture to produce steel cords for tires. We joined forces with Japan’s special steel wire and cable maker, Sumitomo Electric Industries (SEI) to establish a joint venture in Nanjing, China and Amata, Rayong, Thailand, a move aimed at expanding business and securing technical know-how. Hyosung and Sumitomo will establish Hyosung-Sumiden Steel Cord in Nanjing, China with a 7:3 stake and plan to start up the factory early next year producing 25,000 tons a year. Also, Hyosung and Sumitomo will have a 3:7 stake in Sumiden-Hyosung Steel Cord scheduled to be built in Amata, Rayong, Thailand, which will start producing 40,000 tons a year in early 2012. It is reported that this joint-venture decision was possible due to good business relationships between the two companies over the past decade based on technical exchanges and strong mutual trust in each other’s products and technical know-how.
