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Hyosung Chairman Cho Hyun-Joon Seeks for New Business Model with MIT

February 1, 2019

SEOUL, South Korea--(BUSINESS WIRE)--Jan 31, 2019--Members of MIT faculty and officials of six global start-ups visited the headquarters of Hyosung (KRX:004800) in Mapo-gu, Seoul, and held ‘MIT ILP Seminar’ under their industrial liaison program.

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Professor Polina Anikeeva introduced nanoscale optical fiber, artificial muscles and smart fiber (Photo: Business Wire)

Professor Polina Anikeeva of MIT Department of Materials Science and Engineering gave a lecture on nanoscale optical fiber which can repair nerve damage. Professor Rafael Gomez-Bombarelli presented his findings on how to develop new materials by using big data and artificial intelligence. Six global technology start-ups -- Privo Technologies, Affectiva, Liquid Piston, Osaro, Silverthread and Catalog -- introduced the cutting-edge technologies which propelled their growth.

MIT ILP and its related seminars are held based on Hyosung Chairman Cho Hyun-joon’s philosophy of technology management. Chairman Cho has revved up Hyosung’s growth engine by applying high technologies such as big data IT solutions to its flagship business areas. He has emphasized that Hyosung must not stop innovating technology, among others, to raise the level of customer satisfaction, because technology is the starting point of finished products.

Last year Hyosung TNC Corp. and Hyosung ITX Co., Ltd., an IT unit of Hyosung, developed a program to raise the efficiency of manufacturing process by fusing Internet of Things, big data analysis and smart sensor technologies. Hyosung Heavy Industries Corp. utilized ICT in developing Asset Health Management Solution for substations, which can detect abnormal signs of facility early through big data analysis.

“Hyosung has strived to secure original core technologies and innovate them. Unbounded technology fusion along with technology innovation will be an important axis of growth momentum in the future,” Chairman Cho Hyun-joon said. “We will hold seminars with the world’s great scholars and researchers regularly for continued exchanges of trend-setting technologies and create a new business model sustainable for more than a century by using our original technologies when we collaborate with them.”

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CONTACT: Hyosung Corporation

HEESEON CHLOE PYO, +82-2-707-7337

chloe.pyo@hyosung.com

KEYWORD: UNITED STATES ASIA PACIFIC NORTH AMERICA MASSACHUSETTS SOUTH KOREA

INDUSTRY KEYWORD: EDUCATION UNIVERSITY TECHNOLOGY DATA MANAGEMENT NANOTECHNOLOGY OTHER TECHNOLOGY MANUFACTURING ENGINEERING OTHER MANUFACTURING RESEARCH SCIENCE

SOURCE: Hyosung Corporation

Copyright Business Wire 2019.

PUB: 01/31/2019 11:39 PM/DISC: 01/31/2019 11:39 PM

http://www.businesswire.com/news/home/20190131006023/en

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