Dongsung Chemical has undertaken a significant restructuring of its business operations, divesting its composite division and subsidiary, Dongsung TCS.

On May 2nd, the company announced the completion of all necessary procedures following the signing of a business transfer agreement for the composite division and a share purchase agreement for the entire stake of Dongsung TCS with SGPE in April.

Dongsung Chemical took over Dongsung TCS in 2014. Later it merged the composites division of Dongsung TCS through a spin-off in 2017. Dongsung TCS has manufactured interior and exterior parts for heavy machinery and commercial vehicles. Meanwhile, Dongsung Chemical’s composite division has specialized in producing sheet molding compound (SMC), a thermosetting material for automotive applications.

Proceeds from the sale will be reinvested in new growth initiatives. “The divestment aims to enhance corporate value,” stated an official from Dongsung Chemical. “We are committed to establishing a sustainable growth foundation by enhancing our business portfolio. This will be achieved by focusing on four key areas: eco-friendly, high performance, energy, and bio-health.”

In response to global efforts to combat climate change, Korean industries are teaming up to cut carbon emissions in the outdoor sector.

On the 18th, Dongsung Chemical, SK chemicals, and BYN Black Yak proudly announced their joint achievement: the development of a sustainable footwear material using naturally derived ‘ECOTRION’, now seamlessly integrated into Black Yak’s trekking shoes ‘343 MAX’.

This spring’s release of the eco-friendly trekking shoes is garnering attention for their functionality and contribution to reducing greenhouse gas emissions, aligning with the trend of value-driven consumption.

The collaboration among these three companies throughout the year led to the introduction of this innovative product. SK chemicals supplied the 100% bio-based polyol, ‘ECOTRION’, enabling Dongsung Chemical to develop ‘NEOPAN®’, the bio-polyurethane resin for footwear applications. Ultimately, Black Yak utilized this material to create the ‘Foot Pillow Cushioning Foam’, designed to alleviate strain on the ankle and knee joints. This foam has been strategically applied to the heel support layer of the midsole.

The performance of a trekking shoe largely depends on the midsole. Cushioning is crucial as it absorbs shock and provides stability over rough terrain.

Dongsung Chemical’s ‘NEOPAN’ stands out by retaining the elasticity and elongation of existing polyurethane resins, even with bio-based materials. This formulation has enabled the achievement of essential shock absorption required for the ‘Foot Pillow Cushioning Foam’.

SK chemicals’ ‘ECOTRION’, utilized in ‘NEOPAN®’, is an eco-friendly material that uses raw materials to reduce greenhouse gas emissions by approximately 40% compared to conventional petrochemical raw materials. It is extensively used in the production of spandex, artificial leather, and urethane elastic materials, all of which face recycling challenges. ‘ECOTRION’ has one less carbon than petrochemical materials, resulting in a spiral polymer structure, which makes it possible to create products with high elastic resilience like a spring.

Sustainability has emerged as a significant trend spanning across all industries, with particular emphasis on the outdoor sector. A presentation at ISPO Munich 2023, the world’s largest sporting goods trade fair, highlighted that 38% of consumers expressed a willingness to switch brands in favor of those prioritizing climate-friendliness. This trend underscores the proactive approach to exploring sustainable materials.

Black Yak plans to diversify its product portfolio and enhance its image and sales by actively incorporating eco-friendly materials.

Ha Sung-chan, Head of Black yak’s Planning Business Division, stated, “The ‘343 MAX’, the first commercialized product applying bio-based materials, is attracting consumer attention for its combination of sustainability and top-notch functionality, ranging from its environmental impact to its exceptional shock-absorbing cushioning. Moving forward, we are committed to advancing our eco-friendly technologies and fostering collaborations with diverse partners to drive innovation in sustainable fashion.”

Dongsung Chemical and SK chemicals aim to gradually expand the bio-material market in the sports and fashion fields through collaboration with major domestic and international brands.

Noh Joong-sik, Head of Dongsung Chemical’s Polyurethane Business Division, explained, “We’re actively pursuing collaborations with footwear brands, leveraging the environmental benefits and exceptional properties of our bio-polyurethane resin ‘NEOPAN.’ Our proficiency in resin formulation and synthesis technology allows us to optimize the features and functionality of each footwear, offering customized solutions to meet customer demands.”

Kim Eung-soo, Head of SK chemicals’ Green Materials Business Division, stated, “Bio-materials, along with recycled plastics, are one of the promising alternatives to replace petrochemical materials. We plan to actively highlight the sustainability and functionality of PO3G, focusing on big brands that lead the sustainable trend with bio-materials.”

Dongsung Chemical today announced that its 2022 Sustainability Report has earned the prestigious ‘Platinum’ award at the 2022/23 Vision Awards.

The Vision Awards, hosted annually by the League of American Communications Professionals (LACP), recognize and honor excellence in sustainable and annual reporting from companies and organizations worldwide. This year, the competition received over 1,000 submissions from 12 different countries.

Dongsung Chemical’s sustainability report excelled in seven key areas out of eight evaluation criteria, including first impression, cover design, stakeholder message, content organization, financial information, message clarity, and information accessibility.

Additionally, the report ranked 10th among 100 global winners. It was also distinguished in the ‘Best Report Narrative’ category, underscoring exceptional design and communication approaches. It was the sole entry from Korea. Judges commended the report for effectively visualizing Dongsung Chemical’s present and future ESG management in an easy-to-understand manner.

Last year, Dongsung Chemical released its inaugural sustainability report, emphasizing the company’s dedication to enhancing stakeholder communication. In addition to outlining ESG management activities and performance, the report details the process of identifying key ESG issues, corresponding initiatives, progress updates, and future endeavors.

“The report reflects our commitment to transparently conveying information on sustainability management to stakeholders,” remarked an official from Dongsung Chemical. “Moving forward, we remain steadfast in our mission to create sustainable value. This involves close communication and collaboration with not only our employees but also customers, partners, and local communities.”

Genewel has launched ‘Genewel Medi Cream MD’, utilizing polymer biomaterial technology, to tap into the dermacosmetics market.

‘Genewel Medi Cream MD’ is a medical device designed to protect damaged skin barriers. The squalane, shea butter, tocopherol, and ceramide NP in ‘Genewel Medi Cream MD’ form a physical barrier helping retain skin moisture and improve skin sensitivity to external stimuli.

In particular, it’s free from fragrances, colorants, and paraben preservatives, ensuring safety for infants and adults alike.

The product is available through Genewel’s cosmetics brand, ‘healmize’, on its official online store and social media channels.

With the launch of this new product, Genewel expands its dermacosmetic lineups, complementing its existing melting capsules and ampoules. The company plans to develop additional scar care and pigmentation care products, aiming to offer customized solutions for various skin concerns.

Han Sang-deok, CEO of Genewel, stated, “We’ve incorporated medical device technology from ‘Medifoam,’ our wound dressing, into this new product. Expanding Genewel’s technological expertise into skincare will drive the growth of our cosmetics business.”

Genewel holds patents for cosmetic material manufacturing technologies, leading to the launch of ‘healmize’ in 2022, marking a dedicated entry into the cosmetics industry.

Genewel, a subsidiary of Dongsung Chemical, is proud to announce that its pain reduction drug delivery kit, WELPASS®, has received the prestigious Next Generation World Class Product certification. This recognition, granted by the Ministry of Trade, Industry, and Energy and the Korea Trade-Investment Promotion Agency, is reserved for products expected to secure a top-five global market share within the next seven years.

WELPASS® is the first drug delivery kit in Korea designed for pain reduction at surgical incision sites. Equipped with controlled drug release technology, it efficiently delivers the required amount of medication to the targeted area in the body. By combining a minimal amount of local anesthetic with gel and applying it to the surgical incision, the kit gradually releases the local anesthetic over 72 hours, ensuring sustained pain relief.

A remarkable feature is its lower local anesthetic content, which is one-eighth less than that of existing products. The application process is streamlined, simply mix and apply without the need for a separate pain control device. Surgeons say it is easy to use and improves the quality of postoperative recovery and care for patients.

Since its debut in September 2022, WELPASS® has experienced steady growth and is currently supplied to 93 major hospitals, including Bundang Seoul National University Hospital, Samsung Medical Center, and Severance Hospital. By the end of this year, the supply network is projected to expand to 146, reaching the majority of major hospitals.

Han Sang-deok, CEO of Genewel, commented on this achievement, stating, “This certification recognizes the high marketability and growth potential of WELPASS®. To strengthen our presence, we plan to penetrate international markets through strategic investments in clinical research and obtaining EU CE and US FDA approvals.”