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Company News, 2016-02-04, 10:02 AM

thyssenkrupp invests into innovative technologies in Korea

・ USD ~15 million investment into new technologies in Korea in the last five years
・ Transformation of the business brings a new chapter to the company’s 105-year partnership with Korea
thyssenkrupp has opened a new chapter in Korea with the introduction of innovative technologies for a growing urban infrastructure market in the country. With ~70 percent of Korea’s population residing in urban areas, the pressure on Korea’s urban infrastructure, and consequently on energy demand, has been growing each year, calling for innovative industry-wide and sustainable solutions.

During a visit to Korea, Dr. Heinrich Hiesinger, CEO thyssenkrupp AG, shared his experience in transforming thyssenkrupp that has been ranked amongst the “50 Smartest Companies 2015” (MIT Technology Review) based on its latest innovations. The event, Transform to Innovate – Innovate to Transform, was held at the redesigned elevator plant in Cheonan, in cooperation with the Korean-German Chamber of Commerce and Industry (KGCCI). Among the guests from the German community in Korea, as well as from key Korean industry and academia, were His Excellency Rolf Mafael, the German Ambassador to Korea, and Barbara Zollmann, Secretary General and Executive Director of KGCCI.

Dr. Heinrich Hiesinger said, “I am pleased to be here in Korea as we undergo a dynamic transformation, both as a global industrial group and as a company in a thriving, digitized economy such as this. For us, Korea is a benchmark for leading innovation in the region. To bring advanced capabilities to address infrastructure and urban mobility needs in the country, we are combining our engineering experience from across the globe with the strength of the domestic innovation landscape. We will continue to develop the future, together.”

Wayne Park, CEO thyssenkrupp Elevator in Korea: “We have transformed our company into a market leader over the last few years, by creating innovative manufacturing and process capabilities. Our plant in Cheonan stands for this transformation, showcasing how a production facility could be turned into an innovative workspace. Today, we have hired 100 new talents over the last two years and plan to add over 50 jobs this year.”

Globally, thyssenkrupp is scaling up its global R&D spend and has spent a total of EUR 735 million in the last fiscal year. Around 3,500 employees are working around the world. The company´s R&D strategy aims at cross industrial innovation bringing together the competencies of its different business areas. Recent examples include ACCEL and MULTI, which integrate linear motor technology into moving walkways as well as elevators.

In Korea, the company’s elevator technology business has already has invested almost EUR 15 million in new technologies and innovations over the last five years. Currently second in the elevator market, the business has substantially grown at a rate of over 20% last year.

The Korean government is looking to harness its innovation potential and revolutionize the country’s urban infrastructure to meet the demands of the future. The country has established a research-led innovation benchmark for economic growth and the government is now looking to channel key investment into the 19 Growth Engines of Korea such as technology, infrastructure, transportation and manufacturing. thyssenkrupp will offer efficient infrastructure technologies and integrated city solutions in line with the company’s commitment to create a more sustainable future and to minimize resource use and cost.

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