May 26, 1999 in Social Responsibility News

SAMSUNG Corning Proves to Be Top Venture Between Korea, US

Samsung Corning, a joint venture between Samsung and Corning of the United States, has proven to be one of the most successful cases of business collaboration between Korea and the U.S.
Samsung, with its turnover of 1,240 billion won last year, is an outstanding example of how companies of different countries and culture can generate the most profitable results.

Samsung Corning has been engaging in a number of progressive productivity innovation activities, including TPM (total productive maintenance), IC(industrial engineering) and VE (value engineering).

As a result, the company has been able to realize an increase of 36 percent in its added value and reduce 50 percent in facility breakdowns. All these combined for a cost reduction of 175 billion won.

Such focus on productivity has meant that Samsung Corning was presented with the Grand Award for Productivity by the Korea Productivity Center, a government-run organization of the Ministry of Commerce, Industry and Energy.

``What is significant about the award is that the award was presented by a government organization and not a private group whose interest can easily be compromised under various circumstances,'' one industry watcher said.

Samsung Corning currently specializes in the production of glass for braun tubes and liquefied crystal displays and rotary transformers, for which it has global shares of 19, 33 and 41 percent respectively.

The company officials said a number of top executives from Corning were dispatched to the joint venture after it was established in 1973 but most management decision now lie with Samsung.

``We have introduced a number of programs, including ATTACK230 for trouble-shooting production problems, for maintaining our competitiveness in the aftermath of the financial crisis of 1997 and it has been very productive,'' one Samsung official said.

Owing to the success of the investment between Samsung and Corning, Samsung Corning was also selected as an outstanding global joint venture by Harvard Business School in 1995.


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