Yujin Group Embracing YTN, Starting from a Hardtack Company... Expanding from Building Materials and Finance to Broadcasting

Yoo Kyung-sun, Chairperson of Eugene Group

Yujin Group, which entered the media industry by acquiring shares of the public enterprise YTN, is known for its origins as a hardtack company. It originated from Daehung Confectionery, established in 1954 by the founder and honorary chairman Yoo Jae-pil.

Currently, the group has expanded its business into various fields, consisting of over 50 corporations across four business divisions: building materials & distribution, finance, logistics & IT, and leisure & entertainment, employing more than 5,000 staff members. Major affiliates include Yujin Enterprise, Dongyang, Yujin Hanil Fibers, Yujin Investment & Securities, Yujin Investment Futures, Yujin Asset Management, Yujin Logistics, and Pureunsol Golf Club. Financially, as of 2021, the group recorded sales of 3.58 trillion KRW, assets of 5.43 trillion KRW, and operating profit of 190 billion KRW.

By business division, building materials & distribution and finance account for 47% and 39% respectively. Yujin is the industry leader in ready-mixed concrete. Yujin Enterprise and Dongyang have the largest ready-mixed concrete plant in West Seoul and a nationwide distribution network. Combined, Yujin Enterprise and Dongyang operate 41 plants nationwide, with 220 sales personnel and over 1,500 transport vehicles.

The group’s first major expansion occurred when Yoo Kyung-sun, the eldest son of the founder, took office as CEO in 1985. After competing with foreign companies, they acquired Korea Cement in 2004, followed by the acquisitions of Logen Courier and Hi-Mart in 2007. They expanded into finance by acquiring Seoul Securities and its subsidiaries. However, following the financial crisis and a downturn in the construction market, they sold Logen Courier and Hi-Mart.

From the mid-2010s, the group experienced a second phase of growth. In 2015, the headquarters moved to a building formerly occupied by the Small and Medium Business Corporation in Yeouido, and in 2017, they successfully acquired Dongyang Co., Ltd. In 2018, Dongyang relocated its headquarters to Yeouido, bringing all major group affiliates together in Yeouido. In 2017, they acquired Pine Resort, which was undergoing corporate rehabilitation, for 190 billion KRW.

The move to acquire YTN was sudden and known to only a handful of people within the group. Some analyses suggest that the group’s past experience in comprehensive cable broadcasting motivated their participation in this acquisition, though interpretations vary. Some speculate that the successful acquisition of Hankook Ilbo by Seung Myung-ho, chairman of Donghwa Group, as well as media entries by mid-sized groups such as Hoban Construction (Seoul Shinmun), Joongheung Construction (Herald Media), and The Zone Bizon (Electronic Times), influenced Yujin Group’s acquisition decision.

This content was produced with the assistance of AI translation services.