(2024 Power Equipment Special) Elpowertech, Export ‘Top Tier’ Rank… Continuing Specialization and Product Diversification > Press Release

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Aiming for a ‘luxury’ manufacturing company… Eliminating inefficiencies through specialization by factory

 A 50-ton crane installed at Elpowertech's second factory. [Photo = Reporter Song Se-jun]

Elpowertech (CEO Choi Sung-kyu), a top-tier export company representing the domestic transformer industry, is one of the most notable companies in the era of the transformer ‘super cycle’.

In particular, it is continuing its overwhelming position by strengthening quality and production competitiveness for overseas exports through a strategy of specialization by factory.

Elpowertech is building a production line dedicated to pad (ground) transformers at Factory 1 in Cheongwon Industrial Complex, power transformers at Factory 2, and pole transformers at Factory 3. Factory 1 is 16,528㎡ (approximately 5,000 pyeong), and Factories 2 and 3 are 9,917㎡ (approximately 3,000 pyeong) each.

In addition, it has set up a separate warehouse for shipping space of several thousand pyeong to respond to export delivery dates with plenty of time.

Choi Seong-kyu, CEO of Elpowertech

 

Choi Seong-kyu, CEO of Elpowertech, explained, “We established factories 2 and 3 and a warehouse within a 5km radius with Plant 1 as the headquarters,” and “This is to increase production and operation efficiency through product specialization and to disperse risks such as fire.”

Diversification of overseas markets is also one of Elpowertech’s key strategies.

We plan to secure export competitiveness by differentiating export strategic items according to regional characteristics, including the US, Japan, Southeast Asia, and the Middle East.

CEO Choi said, “We plan to supply products that meet the needs of each region, such as pads and dry types,” and “The US is the epicenter of the transformer super cycle, but we are also paying careful attention to investing in other regions for future market development.”

Elpowertech has recently introduced a new winding center and vacuum dryer to expand production capacity, improve insulation quality, and shorten the air cycle. To enhance export competitiveness, we have also strengthened the impact tester and induction pressure tester that can handle up to 154kV. The facility investment alone is well over 30 billion won.

Elpowertech has virtually booked the 50 million dollar export tower at the Trade Day event at the end of this year. This year’s total expected sales are expected to be 150 billion won, an increase of about 70% compared to last year.

CEO Choi suggested institutional support from the government, saying that not only transformers but also the domestic manufacturing industry is facing a labor shortage.

He pointed out that “the reality of the domestic manufacturing industry is that there is an absolute shortage of field personnel in all areas including R&D, production, and quality,” and “We all need to think about how to fill, maintain, and develop the insufficient personnel.”

In fact, Elpowertech’s total personnel increased by 80% compared to last year. In cooperation with Hwaseong City Hall, Hwaseong Chamber of Commerce, and others, it secured 32 dormitories from the ‘LH Rental Housing Small and Medium Business Dormitory Institutional Supply Project’ and also prepared 20 of its own dormitories.

CEO Choi is also considering an IPO (initial public offering) in the near future for healthy monitoring and social responsibility of the company.

He said, “When a company grows to a certain size, it becomes like a public vessel (air),” and “In order to fulfill social responsibility, a market watchdog is needed, and an IPO can be used as an effective method.”

He also said, “I want to make a company where all members are happy by continuously developing overseas markets by making excellent transformers,” and “I will grow into a luxury manufacturing company that will fully take charge of one axis of the electric energy industry that will last as long as mankind exists.”

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Reporter Song Se-jun 21ssj@electimes.com Other articles by this reporter

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Source: Electric newspaper (https://www.electimes.com)