Sungwoo Hitech Co., Ltd. Business Report up until FY ended Dec. 2013
Financial Overview (Consolidated)
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|FY ended Dec. 31, 2013||FY ended Dec. 31, 2012||Rate of
Contracts-The Company is supplying aluminum hoods and bumpers for the Hyundai "Genesis".
-The Company supplies aluminum hoods for the Hyundai "Equus".
-In June 2012, the Company announced that it had acquired 100% of the stock shares in Weser Metall Umformtechnik GmbH & Co. KG (WMU), which is based in Germany, for 23,739 million Korean won. WMU is based in Hannoversch Muenden and manufactures axel parts, oil pans, heat shields and other products. (From a June 5, 2012 press release)
-In April 2011, the Company and Uzavtosanoat of Uzbekistan established UzSungwoo, a 50-50 joint venture to supply automotive parts to GM Uzbekistan.
-In January 2011, the Company established Yantai Sungwoo Yifeng Automobile Components (Shenyang) Co., Ltd in Shandong Province.
-In June 2008, the Company established Sungwoo Hitech Automobile Components (Shenyang) Co., Ltd. in Shenyang, Liaoning Province, China. The new company, which will produce automotive parts, is capitalized at 3,105 million won, of which 50 percent was provided by Sungwoo Hitech. (From a press release on Jun. 27, 2008)
-In December 2006, the Company established Sungwoo Hitech Automobile Components (Yancheng) Co., Ltd. in Jiangsu, China to supply automotive components for inclusion on Kia Motors' local assembly lines. The new entity is capitalized at 5,581.80 million won.
-In January 2010, Sungwoo Automotive India Pvt Ltd adopted a new corporate name, Sungwoo Gestamp Hitech (Pune) Pvt. Ltd.
-In December 2008, the Company established Sungwoo Automotive India Pvt Ltd to manufacture and sell automotive components. The new entity is capitalized at 5,892 won, which was wholly invested by the Company. (From a press release on Dec. 5, 2008)
-In July 2008, the Company established a subsidiary, Sungwoo Hitech Rus LLC, in Russia in order to produce and supply auto parts to Hyundai Motor's new vehicle assembly plant in the country, which is scheduled to launch operations in 2010. (From a press release on Jul. 21, 2008)
-In May 2006, the Company established Sungwoo Hitech Slovakia s.r.o in Slovakia to supply automotive components to local plants of Hyundai Motor and Kia Motors. The new entity has a registered capital of 2.8 billion won, which was wholly invested by the Company.
-In January 2014, the Company announced that it won Hyundai Motor's Supplier of the Year 2013. The award was given for the supplier's outstanding technical contribution to quality improvements and for its major efforts in developing long-standing business relationship with the Hyundai-Kia Group. This is the second time that Sungwoo Hitech has won the automaker's Supplier of the Year, following its achievement in 2006. Ever since 2007, the company has continuously earned 5-star technology rating from the Hyundai-Kia Group. (From a press release on January 15, 2014)
-In December 2013, the Company announced that Asan Sungwoo Hitech Co., Ltd. has received the Supplier of the Year 2013 from Hyundai Mobis. Headquartered in Asan, the subsidiary produces vehicle body components. (From a press release on December 17, 2013)
-In March 2013, the Company was awarded the General Motors' Supplier of the Year for the fifth consecutive year.
-In January 2011, the Company was awarded the Grand Five-Star Quality Award from Hyundai and Kia Motors, the highest quality prize established in 2009. (From a press release, January 22, 2011)
-The Company will absorb Sungwoo Metal C/Ctr Co., Ltd., its coil center in Yangsan City, Gyeongsangnam-do, on Oct. 1, 2009. (From a press release on Jul. 29, 2009)
-In July 2008, the Company established GS Hot Stamping in Pusan City, Korea in order to manufacture automotive parts. The new facility is capitalized at 300 million won, of which 40 was provided by the Company. (From a press release, July 25, 2008)
R&D Structure-In Oct. 1994, the Company established a technical center in Pusan, which consists of the following two teams : advanced technology team and product engineering team.
-The Company conducts product engineering activities also in Suwon City, Gyeonggi-do.
-Overseas, the Company has an R&D center in the Czech Republic.
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|FY ended Dec. 31, 2013||FY ended Dec. 31, 2012||FY ended Dec. 31, 2011|
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R&D Activities-The Company has been awarded a patent for its front-side member assembly. The member assembly ensures improved structural integrity during both high- and low-speed collisions. By decreasing the number of components used, the company also achieved reducing the weight of the assembly. (From a press release on Nov. 25, 2009)
-The Company and Korea Institute of Machinery and Materials jointly developed a new underbody for passenger vehicles with 3,000cc engines. By replacing steel with aluminum and other materials, the development team was able to reduce the weight of the unit by 15 percent from conventional products without compromising on the strength level. (From a press release on May 20, 2009)