[Power Korea] Doosan Group, a living witness to Korea’s modern biz history

The Korea Herald is publishing a series of articles titled Global Brand as part of the first installment of Power Korea. Korea’s success story is a 60-year-old tale written by not one, but many who worked to build one of the world’s most powerful nations from the ashes of war. This Global Brand series is designed to honor those who made this Korean Dream come true. This is the 10th part of the Global Brand series. — Ed.In 1896, amid the social and political upheaval of the late 19th century, the

IndustryMarch 11, 2013

[Power Korea] CJ E&M helps spread Korean pop culture across globe

CJ E&M has been committed to the long-term goal of helping raise Korea’s national competitiveness through making business out of Korean cultural content.Rather than simply using hallyu to net short-term profits, CJ E&M has focused on becoming Asia’s top cultural content company that leads trends and creates culture through various media platform service and content ranging from broadcast and film to music, performance and games.“Considering that Korea’s manufacturing sector such as cars, electro

IndustryMarch 4, 2013

[Power Korea] CJ rises as beacon of Korean food, shopping, pop culture

When CheilJedang spun off from Samsung Group in 1993, not many expected the food company would grow into a major conglomerate encompassing retail and entertainment businesses as well.With food and food service; biopharmaceuticals; entertainment and media; home shopping and logistics as its four core businesses, CJ Group has shown remarkable growth and change over the past 20 years.In addition to keeping the No. 1 spot in the food and bio businesses, CJ acquired Korea Express, the nation’s larges

IndustryMarch 4, 2013

[Power Korea] Hankook Tire: Pride of Korean tires

Hankook Tire has devoted its 72-year history solely to tire making. The nation’s first and largest tire maker, which produces some 90 million tires every year, has grown into the world’s seventh-biggest tire manufacturer today. Last year, when global tire makers were struggling slowing sales, Hankook Tire was the only one among the top 10 that posted robust growth. Between 2008 and 2012, the company saw its global sales increase by an annual average of 15 percent. Last year, it logged 7.291 tril

IndustryFeb. 25, 2013

[Power Korea] Korean Air flying as world-class airline

In the late 1960s, when the Korean government started privatization talks for then-state-run Korean Air, no bidder was willing to take over the troubled air carrier that was facing combined losses of 2.7 billion won ($2.5 million). At the time, Cho Choong-hoon, founder of Hanjin Group, now the 10th-largest conglomerate in Korea, had earned a pile of cash after supporting cargo delivery for the U.S. troops during the Vietnam War. Cho bought the airline in 1969 and helped its dramatic turnaround.

IndustryFeb. 18, 2013

[Power Korea] Leap from chewing gum maker to nation’s No. 1 retail empire

When Shin Kyuk-ho founded Lotte in 1948, he began with selling chewing gum to children in post-war Japan.Dispelling doubts over the sweetened chicle business at a time when people were starving, Shin’s bubble gum became a major hit in Japan.He went on to start a trading firm, a real estate company and outstretched to the retail business, eventually building one of the biggest conglomerates in Japan.Shin, also going by Takeo Shigemitsu, then expanded business to his native Korea by establishing L

IndustryFeb. 11, 2013

[Power Korea] POSCO pushes for future growth with energy, premium steel

in response to rising uncertainties in the global steel industry, POSCO’s top management unveiled its strategy for future growth at the beginning of 2012. According to the blueprint titled as the “POSCO Family Vision 2020,” POSCO will seek core business expansion from steel to energy and material. In the course of developing the renewed growth vision, POSCO acquired independent power provider Kyungin Energy, now POSCO Energy, in 2005, plant builder Sung Jin Geotec in 2010 and Daewoo Internationa

BusinessFeb. 4, 2013

[Power Korea] ‘POSCO Way’ path to global steel success

When asked which corporate brands represent Korea, Koreans are likely to pick Samsung, Hyundai Motor or LG without hesitation. In a survey in 2012 on what company Koreans loved, however, POSCO, the nation’s top steelmaker, came ahead of other conglomerates. Despite its privatization in 2000, POSCO has been considered a company for the citizens since its foundation in 1968 because of its history attributing to the nation’s economic miracle starting from scratch. Beyond Korea, POSCO has also grown

BusinessFeb. 4, 2013

[Power Korea] LG Chem targets top global position

LG Chem is expanding in petrochemicals and electric car battery technology.Since merging with LG Daesan Petrochemicals and LG Petrochemicals in 2006 and 2007, respectively, it has vertically integrated its production system at the company.Dividing its business project scope into two different areas ― petrochemicals, and information and electronics materials that include batteries ― the firm has seen increases in sales and total market value since 2009.Total sales jumped 49 percent from 15.52 tri

IndustryJan. 28, 2013

[Power Korea] LG grows into full-fledged global brand

Many still remember the black-and-white Gold Star televisions manufactured in the 1960s.It was a symbol of wealth, since a large portion of middle- and lower-class families did not have the funds to buy such a costly television at the time. Instead they stuck to their old-fashioned radios ― which were also first introduced in the country by Gold Star, now LG, in 1959.LG Group was founded as Lucky Chemical Industrial Corp., now LG Chem, in Busan, South Gyeongsang Province, in 1947.Earning profits

IndustryJan. 28, 2013

[Power Korea] SK Group rises as a global conglomerate

SK, the country’s third-largest conglomerate, made its debut in the 1950s as a textile firm, but has now evolved into a corporation that covers energy as well as information technology.The corporation was called Sunkyung Textile back in 1953. Founded by former chief executive Chey Jong-kun, it was the first in Korea to export rayon textiles to Hong Kong in 1962.Since stepping into the petrochemical sector about a decade later, the corporation was taken over by the founder’s younger brother Chey

IndustryJan. 21, 2013

[Power Korea] SK Hynix powers up expansion under group’s wing

SK Hynix, the newest member of SK Group, had been ownerless for more than a decade. The company, which was established as Hyundai Electronics in 1983, acquired LG Semiconductor in 1999 and separated itself from Hyundai Group soon after in 2001.Since changing its name to Hynix Semiconductor, it has shown remarkable progress.On top of becoming the world’s No. 2 memory chipmaker, it launched the world’s fastest 128-megabyte graphics memory chip, called double data rate synchronous dynamic random ac

IndustryJan. 21, 2013

[Power Korea] Hyundai outstrips Audi, Porsche in brand value

In 2005, Hyundai Motor Co., the flagship of Hyundai Motor Group, came into the spotlight in the global arena when it was included on the list of the world’s 100 most valuable brands for the first time. Interbrand, the U.S.-based management consultancy, ranked the Korean carmaker 84th among enterprises worldwide that year.Hyundai Motor saw its yearly ranking assessed by Interbrand continue to climb ― to 75th in 2006, 72nd in 2008, 65th in 2010 and 53rd in 2012.Among automotive brands, the company

IndustryJan. 14, 2013

[Power Korea] Hyundai Motor Group lifts Korea’s brand image

Like Chinese or Indian firms these days, Korea’s Hyundai Motor embarked on its vehicle manufacturing business in coordination with a global automaker about 45 years ago.Hyundai Motor, which was established in 1967 under the leadership of late Hyundai founder Chung Ju-yung and his brother Se-yung, released the Cortina compact in coordination with Ford Motor in 1968.The company made its successful debut as an independent brand by unveiling the Pony, a four-door small sedan, in 1975.The Pony and Po

IndustryJan. 14, 2013

[Power Korea] Samsung’s new strategy: smart devices

Also in 2011, Samsung hit a new milestone: It surpassed Apple to become the world’s largest mobile phone maker in terms of sales.“It was another classic case of Samsung becoming better than the original,” said Chung of Chaebul.com. “This is possible thanks to Samsung’s strong leadership, and also its technological prowess, without which a feat like this could never have been.” The 2011 figures also takes Samsung on a trip down memory lane ― no pun intended ― to 1988 when it launched its first mo

IndustryJan. 7, 2013