Chairman Park Chang-gu "Large-scale investment in next-generation new businesses... Targeting 9 trillion KRW in sales by 2025"
[Asia Economy Reporter Hwang Yoon-joo] Park Chan-gu, chairman of Kumho Petrochemical Group, announced on the 26th that he will pursue a mid-to-long-term growth strategy to achieve sales of 9 trillion won by 2025 and make large-scale investments in nurturing next-generation new businesses.
At the 44th shareholders' meeting held at Signature Tower in Jung-gu, Seoul, Park said in his opening remarks on the business report, "On the occasion of the 50th anniversary of the company's founding, we will prepare to realize the 'New Vision - Value Beyond Chemistry' newly declared at the end of last year."
Park emphasized, "We will strengthen the competitiveness of existing businesses through proactive investments based on selection and concentration and continuously secure leading businesses," adding, "We will establish a sustainable management system by formulating a differentiated value creation strategy in the ESG (environment, social, governance) management environment."
He also said, "In a rapidly changing market due to COVID-19, digital transformation, carbon neutrality, and eco-friendly trends, we will create strategies, organizations, and processes that are appropriate for these changes."
Despite the impact of COVID-19 last year, Kumho Petrochemical achieved its best performance with sales of 4.8095 trillion won and operating profit of 742.1 billion won. Financial stability also improved significantly, with the debt ratio decreasing from 498% at the time of management separation in 2010 to 72.7% in 2019 and 59.7% in 2020.
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Meanwhile, the shareholders' meeting, which was scheduled to start at 9 a.m. to decide the outcome of the management rights dispute between Chairman Park and his nephew, Executive Director Park Cheol-wan, including the appointment of inside directors, was postponed to 10:30 a.m. due to the time required to verify the validity of voting rights on both sides.
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