SP Samhwa (000390.KS) has declared a new mission of "building a comprehensive chemicals portfolio to become a 100-year company," marking its 80th anniversary.
The company said on the 19th that it held "SP Samhwa Signature Day" on the 16th at the JW Marriott Hotel in Seoul's Jongno District, where it announced the mission along with a new vision and mid- to long-term strategy before about 150 employees and partners. SP Samhwa set its new vision as becoming "a comprehensive chemicals company that creates the future with solutions for a better world." The company changed its name from Samhwa Paints to SP Samhwa in March and unveiled a new corporate identity in April.
The new vision calls for expanding its business areas based on coating technology accumulated over 80 years and growing into a solutions provider that addresses problems facing customers and industries. The company set three business directions: advancing its coatings and materials businesses, shifting from products to solutions, and expanding beyond Korea into global markets.
SP Samhwa also presented three core strategies to carry out its 10-year plan: expanding strategic business divisions, strengthening future research and development, and innovating smart manufacturing processes. The company will upgrade its coatings value chain, realign its business portfolio based on future growth potential and raise the share of revenue from overseas units to 30%. Research and development will extend coating-based technology into functional and eco-friendly materials, while smart manufacturing will focus on building a data-driven integrated management system to improve quality control and strengthen capabilities to prevent safety and environmental risks.
"Building on the competitiveness of our coatings business, we will advance our materials business, move from products to solutions and expand from Korea to global markets," SP Samhwa Chief Executive Kim Hyun-jung said. "Using the technology and experience we have built over 80 years as a foundation, we will create solutions for a better world."
Separately, the CEO completed an inheritance tax filing and an initial payment in June and plans to pay the tax in full within the deadline under the installment payment system.