New Delhi, June 19, 2008
Hyosung Corporation one of Korea's leading multinational conglomerates is all set to capitalize on the growing textile market in India and other Southeast Asian countries. Hyosung is currently the second largest Spandex producer in the world and sells it under creora® Brand.
New production facility
Said President CH Lee, "We have invested USD 100 million to manufacture 15,000 tons of creora® annually in the Vietnam facility, as the next step in Hyosung's global growth strategy and to better serve the Southeast Asian Markets. This state of the art facility is globally competitive to ensure fast and reliable service in the region."
Hyosung and India
India being the fastest growing economy holds a prominence in Hyosung's global growth strategy. The company has opened its liaison office in New Delhi to effect better customer service in the region.
"We believe that as cost for better goods seem to be increasing in India and other Southeast Asian markets, we are in best position to meet customers needs with our proprietary technology," said President CH Lee.
Currently Hyosung is expending its business volume in India every year. The major usage of spandex is textile industries, producing garment. Indian market is approximately USD 60 ssmillion, growing 5-10% every year and has huge potentiality. It is an attractive point that Hyosung is focusing on India market. The company aims to be the top supplier of its creora® brand Spandex to the Indian market in a years' time.
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