Hyosung Chairman Cho Hyun-joon leads record-high performance in 3Q 2021 with spandex
SEOUL, South Korea, Nov. 11, 2021 /PRNewswire/ -- Hyosung TNC not only marked record high performance in Q2 with chairman Cho Hyun-joon's preemptive investment, but also continues its best performance in Q3.
Hyosung chairman Hyun-joon Cho has emphasized "Now that no company can survive in this era without adapting, we must seek innovation and create new values in this time of change."
The leading global products of spandex led the performance of Hyosung TNC. The strong performance was sustained by the rebounding demand for clothes and diversified composition of garments that adopted spandex, as well as increased sales of PTMG, the main raw material for spandex. The performance was also boosted by Hyosung TNC's Turkey factory, which underwent a major expansion in August this year, and has been fully operational since then.
The continued surplus of the fabric company's operating profit was positively impacted by the robust sales of the eco-friendly fabric Regen of Hyosung TNC's nylon and polyester division.
An industry source said, "Hyosung TNC directly produces and sells its products based on the vertical integration covering raw material PTMG to final products spandex," and predicted, "The company will continue to maintain its dominant position on the strength of its production networks in strategic locations where there is high demand."
Following the preemptive investment strategy of chairman Cho, Hyosung TNC has begun to add more equipment for spandex production facilities in Turkey and Brazil from the end of last year. The move was designed to increase its presence in the U.S. and Europe markets. Given the absence of a significant increase in supply from its competitors by the end of this year, Hyosung TNC's supply and demand volumes are expected to be tight going forward.
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Hyosung Corporation
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SOURCE Hyosung TNC
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