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Hyosung Heavy Industries

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Hyosung Heavy Industries Corporation
Native name
효성중공업
Company typePublic
IndustryHeavy Industries
Founded1962 as HanYoung Industrial Co., Ltd.
FounderCho Hong-jai, former Chairman of Hyosung Group
Headquarters119 Mapo-daero, Mapo-gu, Seoul, South Korea
Key people
Woo Tae-hee (CEO)
ServicesPower Solutions

Electrical & Mechanical Solutions
Sustainable Solutions

Construction and Others
Revenue4.3 trillion KRW (as of 2024)
257.8 billion KRW (as of 2024)
Number of employees
3,291 (as of 2024)
ParentHyosung Group
SubsidiariesChinHung International, Inc.

Hyosung Goodsprings
Gongdeok Gyeongwoo Development

Wind Power Business Division and others
WebsiteHyosung Heavy Industries[1]

Hyosung Heavy Industries Corporation (Korean효성중공업; Hanja曉星重工業) is a South Korean heavy industries company specializing in power transmission and distribution solutions, transformers, construction, and renewable energy. It is a subsidiary of Hyosung Group.[2][3]

In 2024, the company reported a revenue of 4.3 trillion KRW. Its operating income stood at 257.8 billion KRW, while the total number of employees was 3,291.[4]

History

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Hyosung Heavy Industries was originally established in 1962 as HanYoung Industrial Co., Ltd. In 1969, it developed Korea's first 154kV extra-high-voltage transformer. The company was renamed as Hyosung Heavy Industries Corporation in 1977. Throughout the 1980s and 1990s, the company expanded its operations in power solutions and circuit breakers. In 2018, it was spun off from the Hyosung Corporation as an independent entity. Since 2019, the company has invested heavily in hydrogen energy and digital solutions to enhance its technological capabilities.[5][6][3]

The company's headquarters is located in Seoul, South Korea. It also operates manufacturing plants in Changwon, South Korea. Additionally, the company has a global presence with locations in China, India, Vietnam, the Netherlands, and the United States.[7]

Business Areas

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Power Solutions

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Hyosung Heavy Industries is a major player in Korea’s power transmission and distribution sector, manufacturing extra-high voltage transformers, circuit breakers, and power equipment. The company also offers engineering, maintenance, and asset management solutions.[2][8][9]

Electrical & Mechanical Solutions

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The company produces a wide range of electric motors and generators for industrial and power plant applications, including high-voltage and energy-efficient motors.[10]

Sustainable Solutions

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Hyosung Heavy Industries is involved in hydrogen energy and grid stabilization solutions, developing power systems such as STATCOM, DC transmission, ESS, and microgrids.[11][5]

Construction

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Operating through Chinhung International, Inc., the company engages in residential and commercial construction, SOC projects, and real estate development under the ‘Hyosung Harrington Place’ brand.[12]

Subsidiaries

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  • Chinhung International, Inc.
  • Hyosung Goodsprings
  • Gongdeok Gyeongwoo Development
  • Wind Power Business Division

References

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  1. ^ https://www.hyosungheavyindustries.com/en
  2. ^ a b "Hyosung Heavy Industries hits W10tr in circuit breaker production". koreaherald.com. Retrieved 8 April 2025.
  3. ^ a b "Hyosung Heavy Industries Surpasses 10 Trillion Won in Circuit Breaker Production". businesskorea.co. Retrieved 8 April 2025.
  4. ^ 신재희 (2024-12-09). "[Who Is ?] 우태희 효성중공업 대표이사 사장". 비즈니스포스트 (in Korean). Retrieved 2025-04-08.
  5. ^ a b kwang Ahn, Jae. "Hyosung, Linde to create world's largest liquid hydrogen plant". kedglobal.com. Retrieved 8 April 2025.
  6. ^ "Industrial giant's roots tied to nylon products". koreajoongangdaily.joins.com. 2009-11-09. Retrieved 2025-04-08.
  7. ^ "Hyosung Heavy Industries Corp. Company & People | 298040". Barron's. Retrieved 2025-04-08.
  8. ^ Joo-young, Hwang (2024-06-12). "Hyosung Heavy to ramp up output of power transfomers in Korea, US". The Korea Herald. Retrieved 2025-04-08.
  9. ^ Dong-il, Lee; Chang-hyo, Oh; Byung-wook, Min. "(CIGRE) 'Technopia of 765 kV Technology in Korea'". epnews.co.kr.
  10. ^ "스태콤·HVDC 등 신사업으로 위기 돌파 기존·신규제품군 해외시장 공략 '투트랙 전략'". electimes.com/news.
  11. ^ Choi, Jasmine. "Hyosung Dreams of 'Hydrogen City' with Addition of Material of Dreams to Its Hydrogen Ecosystem". businesskorea.co.kr/news.
  12. ^ "A mixed day for Hyosung as it faces antitrust probe, wins tax lawsuit - 매일경제 영문뉴스 펄스(Pulse)". Pulse (in Korean). Retrieved 2025-04-08.