According to The Korea JoongAng Daily article published on April 17, 2023, Kumho Petrochemical Group is taking the economic slowdown as a new opportunity with its strategic agility plan, which exerts insight, promptness and flexibility based on its long-standing operational stratagem.
“It is time to make efforts to overhaul existing businesses and secure new growth engines with the aim to survive amid growing uncertainties,” Kumho Petrochemical Chairman Park Chan-koo said.
Kumho Petrochemical is working to continue its growth strategy in the Core, Base and Growth business sectors, despite the uncertain international environment. Its Core business will further strengthen its market dominance of solid synthetic rubber for tires and latex products represented by Solution Styrene Butadiene Rubber (SSBR). Its Base business will promote its energy project considering the diversifying sales areas of synthetic resins as well as climate change, and its Growth business will secure its competitiveness of carbon nanotube (CNT), which is preparing to expand its market share in the future. Particularly, all activities including digital transformation (DX) and new business development (NBD), will fulfill the detailed vision by Kumho Petrochemical Group.
Kumho P&B Chemicals, also known as KPB, announced a joint venture with Kumho Petrochemical last year. Kumho Mitsui Chemicals is currently increasing its investment in 200,000 tons of methylene diphenyl diisocyanate (MDI), including the introduction of eco-friendly technology.
Kumho Polychem is continuing its project to expand 70,000 tons of ethylene propylene diene monomer (EPDM), planned to finish by 2024. Kumho Resort is working to welcome vacationers at four condominiums nationwide and its newly introduced caravan and glamping facilities, including Asan Spafore and its golf course, Asiana CC.
Kumho Petrochemical Group also set up an information system for this year’s environment, social and governance (ESG) indicators, with the aim of laying the groundwork for maximum sustainable growth. It entered the plastic waste recycling business last year while establishing a value chain centered on Kumho Petrochemical.
Kumho Petrochemical Group is thoroughly prepared as it closely monitors indicators of economic fluctuations to continue its stable finance management. It will accelerate the development of its next-generation projects for future growth as well.
