Competing through Technological Innovation and Talent Management... Geunwoo Targets Overseas Markets and KOSDAQ Listing

Relentless Investment and R&D, Talent Management with Firm Determination
'International Standard' Eumseong Factory Completed... Aiming for a Second Leap
Targeting 500 Billion KRW in Sales and KOSDAQ Listing by 2030

"There is no competitor domestically. We plan to actively pursue the establishment of subsidiaries in Indonesia and Malaysia starting this year," said Kim Jae-jin, CEO of Geunwoo, a company specializing in electrical, fire protection, and IT equipment and construction. He was full of confidence. Beyond the fiercely competitive domestic market focused on lowest price competition, he is targeting overseas markets where they can compete with technology and quality. He expressed a strong determination to invest generously in new product development and stand shoulder to shoulder with advanced country brands in the US and Europe.

CEO Kim announced these plans during the 'Management Innovation Excellent Companies' on-site tour hosted by the Korea Management Innovation Small and Medium Business Association (MainBiz Association) on the 27th of last month. At the event held at Geunwoo's Eumseong factory in Chungbuk, CEO Kim personally guided the tour, introduced patented products, and shared his management philosophy and vision.

SRDP, the Fruit of Continuous Investment and Research & Development (R&D)

Starting as Geunwoo Industrial in 1992, the company solidified its position by expanding its business from manufacturing switchboards and distribution boards to electrical, fire protection, information and communication construction, and renewable energy. With explosive average annual growth of 29%, sales soared to 106.5 billion KRW in 2022, 141.4 billion KRW in 2023, and 240 billion KRW last year. With the Chungbuk Eumseong factory, which involved an investment of 30 billion KRW, beginning operations this year, production volume is expected to increase more than fivefold, enhancing cost reduction and quality competitiveness.

Kim Jae-jin, CEO of Geunwoo, is explaining the products produced and the applied technologies at Geunwoo Eumseong Factory in Chungbuk. Provided by MainBiz Association

Geunwoo’s core growth engine is relentless investment and R&D. The company established a technology research institute in 2015 and collaborated with the Korea Electrical Research Institute and others to successfully develop new technologies and commercialize products.

The 'Safety Replacement Distribution Panel (SRDP)' is Geunwoo’s representative patented product. It allows modules and branch circuits to be replaced without human contact or cutting off the main circuit power, reducing economic losses caused by power outages. Additionally, it enables mass production through standardized modules and prevents secondary accidents caused by arc occurrences. The enclosure size is reduced by 10-13% compared to conventional distribution panels, making installation easier even in narrow spaces. Furthermore, the 'CLCU Busbar' improves the surface imbalance of traditional copper busbars by applying a 'cushion layer' to increase contact tightness and minimize power loss.

Through the development of such patented products, Geunwoo has played a key role in construction sites for data centers and general hospitals, establishing itself as a strong small and medium enterprise in the electrical, fire protection, and information communication construction sectors.

The Success or Failure of a Company Depends on 'Competent Talent'

"A company’s competitiveness comes from securing excellent talent," is CEO Kim’s management philosophy. 'Personnel' is also one of Geunwoo’s 'three major innovations' management policies. At the press conference that day, he emphasized, "Technology ultimately depends on individual capabilities," and "Securing competent talent determines the success or failure of a company."

Kim Jae-jin, CEO of Geunwoo, is holding a meeting with the press. Provided by MainBiz Association

Geunwoo is a Level 5 productivity management system and family-friendly certified company. Every year, it assesses organizational health indices to continuously improve the working environment inside the company and on construction sites. Additionally, through welfare policies such as performance-based incentive systems, awards for outstanding employees, long-term service awards every five years, dormitory operation, health checkup support, and full tuition support for children from elementary to university, the company enhances employee work engagement.

CEO Kim confidently stated, "No other company in the same industry provides this level of welfare." He mentioned that the full support for university tuition faced internal opposition but was pushed through with determination. His belief is that excellent talent grows the company, and a growing company attracts excellent talent, creating a virtuous cycle.

Geunwoo Dreams of a Second Leap Forward

Geunwoo is preparing for a second leap forward with the operation of the Chungbuk Eumseong factory this year. This factory, built to international standards, houses block set panel production facilities under a manufacturing and sales license agreement signed last year with the French multinational Schneider Electric. CEO Kim expects that block set products complying with international standards will not only substitute imports but also provide opportunities to expand into global markets. Furthermore, Geunwoo established the US local subsidiary 'KW Engineering' in 2023, actively advancing into the US, European, and Asian markets.

CEO Kim’s goal for Geunwoo is to achieve 500 billion KRW in sales by 2030 and to be listed on KOSDAQ. He expressed his ambition, saying, "Despite difficult internal and external environments, we will surely realize this through continuous investment, technology development, pioneering overseas markets, a challenging spirit, and a corporate culture that coexists with employees."

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