Kolon Industries to Serve as Control Tower for Future Business Within the Company
[Asia Economy Reporter Hwang Yoon-joo] Kolon Industries is establishing a new Corporate Strategy Office (CSO) division to oversee future businesses, aiming to discover new growth engines through mergers and acquisitions (M&A) and joint venture (JV) formations.
Kolon Industries announced on the morning of the 12th that it has created the CSO division to strategically promote new business discovery and energy projects. The CSO division will serve as a control tower to identify future revenue sources and proactively respond to rapidly changing business environments.
The head of the CSO division will be Vice President Heo Seong. Vice President Heo previously served as Vice President of Metal Sales Purchasing in the U.S., General Manager at AkzoNobel?the world’s leading paint company?and was President of Samhwa Paint for three years starting in 2014. He has accumulated nearly 30 years of experience in the domestic and international chemical industry, including as COO at Hanwha L&C.
The CSO division is organized into the Future Strategy Office and the EX (Energy X-change) Business Unit. The Future Strategy Office plans to strengthen the leading position of existing core businesses such as aramid and pursue strategic M&A and joint ventures across all business sectors including industrial materials, chemicals, and film/electronic materials to discover new growth engines. The EX Business Unit will lead the energy paradigm shift at Kolon Industries by concretizing technology development related to hydrogen production and storage, fuel cells, next-generation secondary battery materials, and expanding future energy businesses beyond hydrogen, based on Kolon Group’s hydrogen business strategy and legacy.
Kolon Industries President Jang Hee-gu stated in this year’s New Year address, "The CSO division is an organization that plays a pivotal role in discovering more future-oriented businesses by mobilizing a level of imagination different from before. It will create a business structure and execution strategy that can sustain Kolon for 100 years and function to lay the foundation for new growth engines through co-work with external partners."
Meanwhile, Kolon Industries plans to achieve sales of 1 trillion KRW by 2030 across the entire hydrogen business, including hydrogen fuel cells, hydrogen production, storage, and transportation using water electrolysis technology, through collaboration not only with group affiliates engaged in hydrogen businesses such as Kolon Global, Kolon Glotech, and Kolon Plastics but also through its own initiatives.
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