Press release

Hyosung Chairman Cho Hyun-joon Makes Strides in European Electricity Market

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Hyosung Group Chairman Cho Hyun-joon has made strides in launching its heavy industries affiliate to Britain then to Sweden in Europe’s electricity market.

Hyosung Heavy Industries (KRX:298040) entered the electricity market of Northern Europe with a success recently, winning a supply order for its 420kV extra-high-voltage switch gears from Swedish state-run utility Svenska Kraftnet. Hyosung Heavy Industries made a successful foray into Europe in 2010, being selected as the first Korean primary supplier of extra-high-voltage transformers to British utility National Grid.

Under the latest contract, Hyosung Heavy Industries will complete the supply of its 420kV switch gears to a Stockholm-based substation in southern Sweden utility by 2021.

Now that the Swedish electric utility recognized the outstanding technology and product quality of Hyosung Heavy Industries in Europe that is well-known for high entry barriers, the Korean firm seeks to strengthen strategic partnership with European engineering, procurement and construction (EPC) companies and also expand its market to Eastern, Western and Northern Europe.

Under Chairman Cho Hyun-joon’s VOC (Voice of Customer) management policy, Hyosung Heavy Industries has stepped up its marketing campaign targeting Sweden’s electricity transmission and distribution utilities over the last three years to supply products optimized to customer needs for technology and quality.

“We plan to increase the supply of our electric power equipment. To do so, we will find new markets on the basis of our world’s best technology to manufacture electric power tools,” Chairman Cho Hyun-joon said, “Our goal is to be a global provider of total solutions. To achieve that, we will raise our competitiveness in maintenance and future energy by strengthening VOC management that is to listen to our customers to grasp what they want.”