To the eyes of ordinary people, all that glitters is gold. But to experts, all surely is not. Rather, experts know that some things that do not shine are gold because they see to the core of them. Iljin Electric Co., Ltd., in this sense, is what experts appraise highly as real gold. Experts from home and abroad know a lot about Iljin Electric while individual consumers are unfamiliar with the name.
Behind its tuxedo mask, Iljin Electric’s total revenue amounts to W1 trillion (US$900 million), equivalent to that of Nongsim, the leading snack and fried noodle company in Korea. Some say that Iljin Electric is like a submarine that moves under a deep sea of heavy electric products. This submarine, however, has long been on an expedition under CEO Choi Jin-yong’s lead.
Choi Jin-yong Expedition
Successful exploration and discoveries at overseas exhibitions allowed Iljin to cope with clients from electric companies and manufacturing businesses all around the world. Now Iljin is being highly recognized by their like electric transformers, electric power generators, electric transmissions, IT, cables, communication, and environmental solutions.
Iljin Electric sails the seven seas to operate in the world market. Its participation in international exhibitions and seminars are one of the efforts it does to have its existence known to the world. “When it is held in South Africa opposite to Korea, we go there. In fact, we just got back from an exhibition in South Africa and it was a fantastic business trip,” President Choi said. He continued, “We play in the world markets where big lions compete for their prey. That’s why we put visits to international exhibitions and seminars as a priority.”
History of Iljin
Iljin Electric has led the heavy electric product markets for the past 43 years. Founded in 1967, Iljin, as the parent company of Iljin Group, started with the nonferrous metal processing industry and has grown into a specialist in the electric power, communication and materials industries, the mainstay of national industrial development.
Since then, Iljin has never stopped broadening its horizons in ways such as manufacturing electric power transmission systems; circuit breakers; power distribution automation systems; high-voltage, extra-high-voltage and super-high-voltage power cables; copper and optical communication cables; ubiquitous solutions (RFID, SI); copper wire and electronic materials; and environmental (DPF). Iljin also has been contributing to the stable supply of electric power and the development of the communications industry.
In 2007, it saw a turning point by merging with its affiliate, Iljin Heavy Industries, to become the only comprehensive heavy electric company in Korea. By doing so, it could provide total solutions in super-high voltage transmission systems. It is still transforming itself into a leading global company that understands the changes that customers need.
Key to Iljin’s Success Story
Iljin has the upper-hand in technology, quality and price. Those are the key components that keep Iljin from falling behind the global market. Heavy electric industries are in the hands of Korean companies since they are well equipped with both quality and technology. They are very strong in transformers, cables, motors, and pumps. The portion of the total revenue from overseas reaches 60 percent. The remaining is from domestic sources. “We are in the process of establishing more branches and factories in major countries which are key markets for Iljin in the future,” says Choi. Iljin’s courageous frontier spirit and ability to always be a step ahead now leads them to contribute their cutting-edge transformers and transmission systems to wind and tidal power for next generation projects.
