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From Slowdown to Success: Kumho Petrochemical Group's Plan for Growth
From Slowdown to Success: Kumho Petrochemical Group's Plan for Growth

From Slowdown to Success: Kumho Petrochemical Group's Plan for Growth

  • 17-Apr-2023 5:13 PM
  • Journalist: Shiba Teramoto

South Korea: Kumho Petrochemical Group sees the current economic slowdown as a chance to capitalize on its strategic agility plan that emphasizes quick decision-making, keen analysis, and adaptability, all based on its successful operational strategy. The company remains committed to pursuing growth in its Core, Base, and Growth business sectors despite the uncertain global landscape.

Kumho Petrochemical plans to maintain its leadership position in the market for solid synthetic rubber for tires and latex products, particularly Solution Styrene Butadiene Rubber (SSBR), through continued reinforcement of its Core business.

Kumho Petrochemical Group is set to boost its energy project and expand the market share of its Carbon nanotube in a bid to diversify sales areas of synthetic resins and address climate change concerns. To stay ahead in the game, Kumho plans to focus on digital transformation (DX) and new business development (NBD) to achieve its vision. In a related development, Kumho Mitsui Chemicals is ramping up its investment in eco-friendly technology, particularly in its Methylene Diphenyl Diisocyanate (MDI) production with a capacity of 200,000 tons.

With an anticipated completion date in 2024, Kumho Polychem plans to move forward with its project to increase the production of Ethylene Propylene Diene Monomer (EPDM) by 70,000 tons. Meanwhile, Kumho Resort is introducing new vacation options in the form of caravan and glamping facilities, in addition to welcoming vacationers to its four condominiums spread across the country.

As part of a drive towards sustainable growth, Kumho Petrochemical Group has established an information system aimed at tracking this year's environment, social, and governance (ESG) indicators. It has also entered the plastic waste recycling business and set up a value chain focusing on Kumho Petrochemical.

Kumho Petrochemical Group is keeping a close eye on economic indicators in order to maintain stable financial management. The company is also focused on accelerating the development of its next-generation projects to ensure future growth.

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