April 20, 2024

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[THE INVESTOR] Samyang Group is pushing to maximize its research and development capablities as it looks to further expand globally. 

“Based on open innovation, database building and a market-based approach, we hope to further our R&D development,” said Chairman Kim Yoon at the Samyang Innovation R&D Fair 2017 held in Seongnam City earlier this month.

Samyang Discovery Center, the venue of the fair, is the R&D centerpiece of the conglomerate that is focused on chemicals, foodstuffs and pharmaceuticals. 

Kim added that the firm will actively promote innovation by collaborating with domestic and overseas research institutes. Tie-ups with promising venture companies also may be on the cards, as the company has already acquired a few in the foodstuff industry. 

The fair is an annual event held since 2012 where researchers of Samyang Group exhibit and announce R&D achievements for the year. This year, the company revealed a total of 80 research results, including patents, community of practice, new products and new technologies.

The Samyang Discovery Center was opened last year to gather around 400 R&D and marketing personnel from the food and pharmaceutical biotechnology division that were scattered across Korea in order to create better synergies. 

Samyang’s chemical business is also accelerating the commercialization of its new products, such as the award-winning metal-textured plastic material that is applicable to all sorts of household appliances and cars. After selling just 7 tons in 2012, it now sells around 2,100 tons every year.

By Alex Lee (alexlee@heraldcorp.com)