{"id":397262,"date":"2020-12-10T08:03:43","date_gmt":"2020-12-10T13:03:43","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=397262"},"modified":"2020-12-10T08:03:43","modified_gmt":"2020-12-10T13:03:43","slug":"cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\/","title":{"rendered":"Cho Hyun-joon, Hyosung Chairman Undertakes Brazil Spandex Plant Extension"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">&#8211;   Will expand the production capacity of the plant in Brazil annually by 10,000 tons through the investment of KRW 40 billion<\/h2>\n<h2 class=\"xn-hedline\">&#8211;   The annual production capacity of the spandex plant in Brazil to be increased to 22,000 tons<\/h2>\n<h2 class=\"xn-hedline\">&#8211;   Chairman Cho steadies an unparalleled leading company in spandex market<\/h2>\n<h2 class=\"xn-hedline\">&#8211;   Chairman Cho, &#8220;In times of change, we must turn crisis into opportunity by investing for the future.&#8221;<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SEOUL, South Korea<\/span>, <span class=\"xn-chron\">Dec. 10, 2020<\/span> \/PRNewswire\/ &#8212; Hyosung Chairman <span class=\"xn-person\">Cho Hyun<\/span>-joon has solidified its world&#8217;s No.1 position in the spandex market by increasing the production capacity of the spandex plant in <span class=\"xn-location\">Brazil<\/span>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1372883\/Intertextile_Shanghai_Apparel_Fabrics_Pic.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1372883\/Intertextile_Shanghai_Apparel_Fabrics_Pic.jpg\" title=\"Hyosung Chairman Cho Hyun-joon visits the Intertextile Exhibition held in Shanghai looking at products. (Intertextile Shanghai Apparel Fabrics 2018)\" alt=\"Hyosung Chairman Cho Hyun-joon visits the Intertextile Exhibition held in Shanghai looking at products. (Intertextile Shanghai Apparel Fabrics 2018)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <a target=\"_blank\" href=\"http:\/\/www.hyosungtnc.com\/en\/main.do\" rel=\"nofollow noopener noreferrer\">Hyosung TNC<\/a> (KRX:298020) announced on the 2nd\u00a0that\u00a0it will expand the production scale of its spandex plant located in <span class=\"xn-person\">Santa Catarina<\/span> in the southern part of <span class=\"xn-location\">Brazil<\/span> by 10,000 tons by December next year through an investment of <span class=\"xn-money\">KRW 40 billion<\/span> (approx. <span class=\"xn-money\">USD 36 million<\/span>). Once the expansion is completed, the production capacity of the plant in <span class=\"xn-person\">Santa Catarina<\/span> will increase to 22,000 tons totally, which is around double the current production capacity.<\/p>\n<p>This expansion was decided in line with a rapid rise in the demand for spandex, a synthetic fiber known for its exceptional stretch, as the\u00a0sale of comfortable clothing, such as home wear and athleisure wear, increases in the Central and South American clothing market due to the spread of COVID-19.<\/p>\n<p>In the Brazilian market, the import tariff rate for spandex is as high as 18%, which is more than double the rate applied in other regions. Therefore, a local production base is essential for maintaining price competitiveness. In addition, <span class=\"xn-location\">Brazil<\/span> borders ten of 12 South American countries and abuts on the sea, which are advantageous geographical features for export to nearby regions. <\/p>\n<p>With the plant expansion, Hyosung TNC expects to not only meet the increasing demand in the American region but also preemptively respond to the post-COVID-19 era by solidifying its leadership\u00a0from the competitors.<\/p>\n<p>The demand for spandex in global apparel market continues to grow due to consumer popularity of comfort and athleisure wear. According global research and consulting firm RESEARCH AND MARKETS 2020 report, spandex demand has been growing by 6 to 7% which is more than double the growth rate of general apparel fibers, which grow 2 to 3% annually.<\/p>\n<p>Having established a production base in <span class=\"xn-location\">Brazil<\/span> back in 2011, Hyosung TNC has strengthened its market share in the American continent. Currently, the company&#8217;s market share in <span class=\"xn-location\">Brazil<\/span> is the largest at 65%.<\/p>\n<p>&#8220;The unprecedented risk caused by COVID-19 has aggravated uncertainty and accelerated the speed of change,&#8221; said Hyosung Chairman <span class=\"xn-person\">Cho Hyun<\/span>-joon. He emphasized, &#8220;In times of change, we must turn crisis into opportunity by continuously investing for our future.&#8221;<\/p>\n<p>\n        <a target=\"_blank\" href=\"http:\/\/www.hyosungtnc.com\/en\/main.do\" rel=\"nofollow noopener noreferrer\">Hyosung TNC<\/a> established a production base in <span class=\"xn-location\">India<\/span> for the emerging markets in <span class=\"xn-location\">Asia<\/span> in addition to a production base in <span class=\"xn-location\">Vietnam<\/span> to target the entire Asian market. Through the efforts to establish production bases by continent, Hyosung TNC is keeping its unchallenged position as a global leader. <\/p>\n<p>\n        <a target=\"_blank\" href=\"http:\/\/www.hyosungtnc.com\/en\/pr\/news_center_v.do?newsCenterSeq=234&amp;openDtm=20180214&amp;page=12\" rel=\"nofollow noopener noreferrer\">http:\/\/www.hyosungtnc.com\/en\/pr\/news_center_v.do?newsCenterSeq=234&amp;openDtm=20180214&amp;page=12<\/a>\n      <\/p>\n<p>\n        <a target=\"_blank\" href=\"http:\/\/www.koreatimes.co.kr\/www\/tech\/2020\/11\/129_298616.html\" rel=\"nofollow noopener noreferrer\">http:\/\/www.koreatimes.co.kr\/www\/tech\/2020\/11\/129_298616.html<\/a>\n      <\/p>\n<p>\n        <b>About Hyosung<\/b>\n      <\/p>\n<p>Hyosung is a comprehensive fibre manufacturer that produces world-class products, providing innovation and solutions to the textile industry. Hyosung&#8217;s creora\u00ae elastane is the world&#8217;s largest spandex brand, supplying the broadest range of stretch fibre offerings supported by exceptional technology and quality. Mipan\u00ae nylon and specialty polyester provide functional and sustainable fibre solutions that are essential to today&#8217;s dynamic textile market. Visit our website at\u00a0<a target=\"_blank\" href=\"http:\/\/www.hyosungtnc.com\/\" rel=\"nofollow noopener noreferrer\">www.hyosungtnc.com<\/a> and <a target=\"_blank\" href=\"http:\/\/www.creora.com\/\" rel=\"nofollow noopener noreferrer\">http:\/\/www.creora.com<\/a> for all the latest trend, event and product updates. <\/p>\n<p>\n        <b><br \/>\n          <span id=\"spanHghlt9e9b\">Contacts<\/span><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <span id=\"spanHghlt2ff5\">Hyosung Corporation<br \/><span class=\"xn-person\">Nari Kim<\/span><br \/>+82-2-707-7067<br \/><\/span><br \/>\n        <a target=\"_blank\" href=\"mailto:lesleykim@hyosung.com\" rel=\"nofollow noopener noreferrer\"><br \/>\n          <span id=\"spanHghltc4ec\">lesleykim@hyosung.com<\/span><br \/>\n        <\/a>\n      <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN19779&amp;sd=2020-12-10\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension-301190116.html\">http:\/\/www.prnewswire.com\/news-releases\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension-301190116.html<\/a><\/p>\n<p>SOURCE  Hyosung TNC<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN19779&amp;Transmission_Id=202012100800PR_NEWS_USPR_____CN19779&amp;DateId=20201210\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8211; Will expand the production capacity of the plant in Brazil annually by 10,000 tons through the investment of KRW 40 billion &#8211; The annual production capacity of the spandex plant in Brazil to be increased to 22,000 tons &#8211; Chairman Cho steadies an unparalleled leading company in spandex market &#8211; Chairman Cho, &#8220;In times of change, we must turn crisis into opportunity by investing for the future.&#8221; PR Newswire SEOUL, South Korea, Dec. 10, 2020 \/PRNewswire\/ &#8212; Hyosung Chairman Cho Hyun-joon has solidified its world&#8217;s No.1 position in the spandex market by increasing the production capacity of the spandex plant in Brazil. Hyosung TNC (KRX:298020) announced on the 2nd\u00a0that\u00a0it will expand the production scale of its spandex plant located &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Cho Hyun-joon, Hyosung Chairman Undertakes Brazil Spandex Plant Extension&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-397262","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cho Hyun-joon, Hyosung Chairman Undertakes Brazil Spandex Plant Extension - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cho Hyun-joon, Hyosung Chairman Undertakes Brazil Spandex Plant Extension - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"&#8211; Will expand the production capacity of the plant in Brazil annually by 10,000 tons through the investment of KRW 40 billion &#8211; The annual production capacity of the spandex plant in Brazil to be increased to 22,000 tons &#8211; Chairman Cho steadies an unparalleled leading company in spandex market &#8211; Chairman Cho, &#8220;In times of change, we must turn crisis into opportunity by investing for the future.&#8221; PR Newswire SEOUL, South Korea, Dec. 10, 2020 \/PRNewswire\/ &#8212; Hyosung Chairman Cho Hyun-joon has solidified its world&#8217;s No.1 position in the spandex market by increasing the production capacity of the spandex plant in Brazil. Hyosung TNC (KRX:298020) announced on the 2nd\u00a0that\u00a0it will expand the production scale of its spandex plant located &hellip; Continue reading &quot;Cho Hyun-joon, Hyosung Chairman Undertakes Brazil Spandex Plant Extension&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-10T13:03:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1372883\/Intertextile_Shanghai_Apparel_Fabrics_Pic.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Cho Hyun-joon, Hyosung Chairman Undertakes Brazil Spandex Plant Extension\",\"datePublished\":\"2020-12-10T13:03:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\\\/\"},\"wordCount\":624,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1372883\\\/Intertextile_Shanghai_Apparel_Fabrics_Pic.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\\\/\",\"name\":\"Cho Hyun-joon, Hyosung Chairman Undertakes Brazil Spandex Plant Extension - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\/","og_locale":"en_US","og_type":"article","og_title":"Cho Hyun-joon, Hyosung Chairman Undertakes Brazil Spandex Plant Extension - Market Newsdesk","og_description":"&#8211; Will expand the production capacity of the plant in Brazil annually by 10,000 tons through the investment of KRW 40 billion &#8211; The annual production capacity of the spandex plant in Brazil to be increased to 22,000 tons &#8211; Chairman Cho steadies an unparalleled leading company in spandex market &#8211; Chairman Cho, &#8220;In times of change, we must turn crisis into opportunity by investing for the future.&#8221; PR Newswire SEOUL, South Korea, Dec. 10, 2020 \/PRNewswire\/ &#8212; Hyosung Chairman Cho Hyun-joon has solidified its world&#8217;s No.1 position in the spandex market by increasing the production capacity of the spandex plant in Brazil. Hyosung TNC (KRX:298020) announced on the 2nd\u00a0that\u00a0it will expand the production scale of its spandex plant located &hellip; Continue reading \"Cho Hyun-joon, Hyosung Chairman Undertakes Brazil Spandex Plant Extension\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-10T13:03:43+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1372883\/Intertextile_Shanghai_Apparel_Fabrics_Pic.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Cho Hyun-joon, Hyosung Chairman Undertakes Brazil Spandex Plant Extension","datePublished":"2020-12-10T13:03:43+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\/"},"wordCount":624,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/1372883\/Intertextile_Shanghai_Apparel_Fabrics_Pic.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/cho-hyun-joon-hyosung-chairman-undertakes-brazil-spandex-plant-extension\/","name":"Cho Hyun-joon, Hyosung Chairman Undertakes Brazil Spandex Plant Extension - 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