SP Samhwa Unveils New Mission, Mid- to Long-Term Strategy... "Overseas Sales to Reach 30% in 10 Years"

Unveils key mid- to long-term strategies to mark 80th anniversary
Strategic business expansion, accelerated R&D, and smart process innovation

SP Samhwa has announced a new mission and vision to mark its 80th anniversary. The company plans to expand its business areas and reorganize its portfolio based on future growth potential as it aims to become a century-old company, while increasing the share of overseas sales to 30% within 10 years.

SP Samhwa unveiled a new vision to mark its 80th anniversary. From eighth from left: Kim Hyeonjeong, CEO of SP Samhwa, and Bae Maengdal, CEO of SP Samhwa. SP Samhwa

SP Samhwa said on October 19 that it had held its “SP Samhwa Signature Day” event at the JW Marriott Hotel on October 16, attended by about 150 employees and key partners, and announced its new vision and mid- to long-term strategy. Following a change to its company name and the unveiling of a new corporate identity (CI), the company outlined its plan to transform itself from a paint and coatings technology-based business into a materials and integrated chemical solutions company.

SP Samhwa introduced “Building an integrated chemical portfolio to become a century-old company” as its new mission. It set its vision as “Creating the future as an integrated chemical company through solutions for a better world.”

Drawing on 80 years of accumulated paint and coatings technology, the company aims to expand its business areas and grow into a solutions provider that addresses challenges facing customers and industries. Its business direction is to ▲advance its paints, coatings and materials businesses; ▲shift from products to solutions; and ▲expand globally.

SP Samhwa outlined three key strategies for carrying out its 10-year mid- to long-term plan: expanding business divisions, accelerating future-focused research and development, and innovating smart processes.

Through strategic business expansion, the company will advance the value chain of its existing paints and coatings business and reorganize its business portfolio based on future growth potential. It plans to increase the share of revenue from overseas subsidiaries to 30%.

Accelerating future-focused research and development will focus on extending core technologies based on paints and coatings into functional and eco-friendly materials. SP Samhwa plans to strengthen its research and development system to respond to changing industry needs and continue broadening the industries in which its paints, coatings and materials technologies can be applied.

Smart process innovation aims to strengthen the competitiveness of production sites. The company plans to establish a data-driven integrated management system and smart production systems to improve standardized quality control and its ability to prevent safety and environmental risks.

“Building on the competitiveness of our paints and coatings business, we will advance our materials business and shift from products to solutions, and from Korea to global markets,” said Kim Hyunjeong, CEO of SP Samhwa. “We will use the technology and experience we have accumulated over 80 years to create solutions for a better world, and become a company trusted by the market and society through fair competition and transparent management.”

Meanwhile, Kim completed the filing and initial payment of inheritance tax in June and plans to pay the tax diligently by the deadline under the installment payment system. Backed by a stable management system, SP Samhwa plans to focus its company-wide efforts on implementing its new vision and enhancing corporate value.

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