South Korea’s leading cutting tool maker YG-1 aims to become a global leader by 2035 by providing high-performance tools as well as comprehensive solutions to maximize production efficiency, its founder and chairman Song Ho-geun said.
“Unlike other companies that scale down investments amid Covid-19, we are aggressively expanding investments to achieve the goal to become a No.1 cutting tool maker in the world by 2035,” Song said during an interview with Maeil Business Newspaper held in the company’s headquarters in Incheon.
The company is building a new office in Songdo by spending around 40 billion won ($33.9 million) to move its head office and technology lab in December. The relocation is aimed at recruiting more skilled talents and improving corporate image for foreign clients, he said.
YG-1, the global leading end mill cutting tool provider founded in 1981, raked in 427.9 billion won in revenue last year, of which 80 percent or 344.4 billion won was generated by overseas sales. “We will introduce the free-seating system to the new office to enhance employees’ creativity and create culture that boosts work morale in a flexible environment,” he said.
The company running five plants across the country will establish two automated factories in Incheon, with one scheduled for construction completion in the latter half of next year.
It has set a goal to command the largest share in the global cutting tool market by providing not just high-performing products but also comprehensive solutions. If there is a company that spends 17 minutes to produce a paper cup, for instance, YG-1 will offer customizable tools to minimize production time, he said. That would help YG-1 and clients maximize their synergy effect, he added.
The world’s top end mill cutting tool maker has been exporting the products to 60 countries including the United States, France, China and India. It rolls out both of solid type and indexable insert type tools.
Song holds the largest stake of 37 percent in YG-1 listed on the country’s secondary Kosdaq market.
By Shin Soo-hyun and Choi Mira
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]