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4 D V E R T I S E M 6 N T 55ANGYO NG GROUP Conservat .ve Ssangyorg Turns Progressive Under New Chairman he Ssangyong Group is South Korea's sixrh-largest <strong>business</strong> group in terms of assets <strong>and</strong> sales. Traditionally considered conservative <strong>and</strong> slow in <strong>business</strong>, Ssangyong has become progressive under iu new chairman, who is determined to push Ssangyong into the ranks of the world's 50 top enterprises by The year 2000 . New Chairman <strong>and</strong> CEO Kim Sukioon, 42, rook the helm of Ssangongwhich means °Two Dragons" in Korean-on April 25 as his predecessor <strong>and</strong> elder brother, Kim Suk-Won, stepped down to join President Kim Young-Sarris ruling Democratic liberal Parrv <strong>and</strong> run for a National Assembly seat . "We will strive to become a world-class enterprise by the turn of the century by concentrating on three core manufacturing sectors: automobiles <strong>and</strong> machinery, cement <strong>and</strong> fine ceramics, <strong>and</strong> oil refining <strong>and</strong> related petrochemicals," says Kim, who had been the group's vice chairman for the last five years, To achieve this goal, Szangyong must discard its long-held image of being "conservative <strong>and</strong> slow" in <strong>business</strong> <strong>and</strong> immediately strive to be "aggressive <strong>and</strong> progressive," the youthful chiefexecutive officer told some 30,000 employees upon his assuming The top post . He told his directors to rhink, decide <strong>and</strong> put into action "always one step ahead" of competitors . According to The new chairman, Ssangyong is giving top priority to developing its automotive industry, already having invested 1 .2 trillion won ($1 .54 billion), <strong>and</strong> planning to pur in an additional 4 .8 trillion won ($6 .15 billion) within The next flve years . For the 2lst century, Ssangyong has set a course to grow into a comprehensive worldclass automaker with a full line of products ranging from passenger cars to specialized heaw-dury vehicles, Kim says, adding rhat the automobile industry will become Ssangyongs new comerstone for the coming century . At present, the Ssangvong Motor Compan,vis producing 50,000 fourwheel-drive utilirv vehicles a vear in a technical partnership with Germany~s Mercedes- Benz, which owns 5% of eauity worth 14 .5 billion won ($18 .6 million) . With The new investment, Ssangynng plans to start producing mid-size passenger cars by 1997 with first-year production ot 50,000 units, progressively increasing to 300,000 units a yeas by 2000 . Ssangyong was founded by his father, Kim Sung-Kon, in 1939 as a soap-manufacturing firm, <strong>and</strong> it developed into a textile producer nine years later . Ssangyong has grown to become a network of 22 afflliate companies ranging from cement, oil refining <strong>and</strong> general rrading to construccon <strong>and</strong> financial services, with 31 overseas subsidiaries . Its mtal annual revenues amounred to $18 .5 billion, including overseas sales of $3 .84 billion last year, with net earnings of $193 million . Ssangyong's cement company which operates the world's largest cement planr on Koreas east coast, producing 15 million tons a year, fortified its U.S . operations through a joint venture in California, CenCal Cement Inc ., <strong>and</strong> acquisition of Riverside Cement last year ro establish localized production . Ssangyong's engineering <strong>and</strong> construction company has become international in scope since building the Raffles City Complex in Singapore in 1986, the world's callest hotel, <strong>and</strong> undertaking construction <strong>and</strong> sales of Marriott Residence Inns in Anaheim, San Diego <strong>and</strong> Sacramento in California . It is now building what will be Singapore's largest national hospiral, Tan Tock Seng, at a "We wll become a worldclass enterorise by Concentrating On autos <strong>and</strong> machinery, cement <strong>and</strong> fine ceramics, <strong>and</strong> oil <strong>and</strong> related petrochemicais ." cost of S250 million, <strong>and</strong> just won the job of building Viemarris 25-story Hanoi Tower Center . Kim, who studied <strong>business</strong> administration at the University of Hartford in Connecticut before starting at Ssangyvng in 1977, fl firmly believes that the development of high-value-added quality products is the sole way to survive in this era of unbounded competition following the birth of the World Trade Organization . Thus Ssangyong's cement industry will progress into general <strong>and</strong> new materials including fine ceramics, <strong>and</strong> its oil-refining <strong>business</strong> into petrochemicals . It plans massive investment in computers <strong>and</strong> special electronic communications so that these high-tech industries will serve as The new basis for continuing Ssangyong growth <strong>and</strong> development beyond the year 2000 . Ssang,vong's service industries will accelerate toward greater internationalization <strong>and</strong> advancement to meet the dem<strong>and</strong>s of the rimes, while in its trade <strong>and</strong> construction, it will grow to multinational status through full-fledged internarional investment . If all goes according to plan, says an ambitious Kim, Ssanv,,,vong will be among the world's 50 largest <strong>business</strong>es in the next millennium . 1~l ~20466 ~~373 http://legacy.library.ucsf.edu/tid/agf97d00/pdf
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