Woori Bank will provide a total of 2 trillion won in financial support over the next five years to help the Hyosung Group expand investment in advanced strategic industries such as power equipment and advanced materials.
Woori Bank said Wednesday it had signed a "Memorandum of Understanding (MOU) for Productive Financial Support to Foster Advanced Strategic Industries" with the Hyosung Group at the group's headquarters in Mapo-gu, Seoul.
The agreement is part of Woori Financial Group's "Future Shared Growth Project." Woori Bank will provide loans, facility investment funds, export-import financing, and overseas business support to eight affiliates operating in advanced strategic industries, including Hyosung Corporation, Hyosung Heavy Industries, Hyosung TNC, and Hyosung Neochem.
The support adopts a "pre-set credit limit" approach, which establishes the available loan size in advance at the company's investment planning stage. A key feature is that it allows companies to quickly secure necessary funds at each point of investment execution without repeating separate loan reviews. This is expected to reduce investment uncertainty and improve the efficiency of fund management during large-scale facility investment and overseas business expansion.
Woori Bank plans to expand support for national strategic industries amid global supply chain realignment and industrial competition. Beyond providing simple operating funds, the bank aims to contribute to enhancing industrial competitiveness by providing financial infrastructure tailored to companies' mid- to long-term investment plans.
The signing ceremony was attended by key executives from both companies, including Woori Bank President Jung Jin-wan and Hyosung Group Vice Chairman Lee Sang-woon. Woori Bank said, "This agreement is a representative case of productive finance that supports companies' future investment through preemptive financial support for advanced strategic industries," adding, "We will provide optimal financial solutions so that the Hyosung Group can focus on securing future growth engines and strengthening global competitiveness."
The Hyosung Group currently operates core businesses including power grids, advanced materials, and semiconductor specialty gases. Despite the recent global compound crisis, it is accelerating overseas market expansion and production capacity expansion based on its technological competitiveness.
Hyosung Heavy Industries is expanding exports of ultra-high-voltage power equipment centered on the North American and European markets. In particular, it is expanding production capacity using its Memphis plant in the United States as a base. The company is conducting a second expansion through this year and plans to pursue a third expansion by 2028 to respond to growing global demand for power equipment. It is focusing on strengthening production capabilities to respond to growing U.S. demand for power equipment driven by the spread of data centers and artificial intelligence (AI) and to secure a supply chain advantage.
Hyosung TNC has also secured competitiveness in the advanced materials field. The company has maintained its position as the global No. 1 for 15 consecutive years with a share of more than 30% in the global spandex market. Recently, it has been targeting the eco-friendly materials market through the commercialization of bio-spandex. It has also expanded its business into the semiconductor materials field by adding the specialty gas segment, considered a high-growth business, to its portfolio. The specialty gas business consists of high-margin, high-value-added products for advanced industries such as semiconductors and has received high marks in market value assessments by industry.
