Aju Industrial has partnered with SY Samyang to strengthen its special concrete technology competitiveness and expand into new businesses.
Aju Industrial signed a strategic memorandum of understanding (MOU) with SY Samyang for special concrete technology cooperation on Nov. 7 and held a signing ceremony at Aju Industrial's headquarters in Seocho-gu, Seoul, the company said Saturday.
The agreement was arranged to pool the two companies' technological capabilities and expand joint research and development (R&D) and business cooperation in response to changes in the construction market environment and growing demand for special concrete.
The signing ceremony was attended by officials from both companies, including Aju Industrial CEO Moon Seung-man and SY Samyang President Yoo Jae-hyun, who discussed technology cooperation in the special concrete field and plans for mid- to long-term business expansion.
Through the agreement, the two companies decided to pursue cooperation in various areas, including special concrete technology consulting, ready-mixed concrete mix design technology support, improvement of production processes and facility operations, advancement of quality control systems, technology education and specialist training, technology research institute operation support, and joint R&D and new product development. To this end, they plan to form a working-level consultative body to identify specific cooperation tasks and pursue commercialization in stages.
Using this agreement as a springboard, Aju Industrial plans to expand its technology consulting business leveraging its special concrete technology and quality control know-how, and to identify business models linked to technology transfer and original equipment manufacturing (OEM). The company also plans to expand its business into markets it has yet to enter, such as the northern and eastern parts of the Seoul metropolitan area and the Chungcheong region, while accelerating efforts to secure new technology-based revenue sources.
"This will serve as an opportunity to build a foundation for practical cooperation by combining the technological capabilities and field experience of both companies," Aju Industrial CEO Moon Seung-man said. "Based on differentiated technological competitiveness, we will enhance customer value and respond proactively to market changes through continued cooperation."
