Major News
PyungHwa Group Wins Family Business Award at the 19th EY Entrepreneur Of The Year™
- 2025.11.14
- 관리자
Global accounting and consulting firm EY Han Young announced that it held the 19th EY Entrepreneur Of The Year awards ceremony on November 14 at the The Shilla Seoul**, presenting awards to six entrepreneurs, including Chairman Mong-Won Chung of HL Group.
The EY Entrepreneur Of The Year™ is one of the world’s most prestigious business awards, celebrating entrepreneurs who transform the world through innovation and passion. Established in the United States in 1986, the program now operates in 94 countries and regions, recognizing approximately 1,000 entrepreneurs annually. First introduced in Korea in 2007, this year marked its 19th edition.
Under this year’s global theme, “The Shapers,” the awards highlighted visionary leaders who drive change, create new possibilities, and boldly shape the future.
An independent panel of judges, chaired by former Financial Services Commission Chairman Jong-Ku Choi, evaluated candidates based on four key criteria: Impact, Entrepreneurial Spirit, Purpose, and Growth.
In the Family Business category—awarded to family entrepreneurs who have carried forward the founding spirit across generations—Chairman Jong Seok Kim and President Ju Young Kim of PyungHwa Group were selected as recipients.
Founded in 1950 with the production of rubber erasers, PyungHwa Group successfully localized key automotive components such as oil seals and O-rings under the leadership of second-generation Chairman Jong Seok Kim. Building on this foundation, third-generation President Ju Young Kim has restructured the company’s business portfolio toward future mobility, focusing on electric and hydrogen vehicles while expanding its global market presence.
Guided by its long-standing management philosophy that “people are PyungHwa Group’s greatest asset,” and having maintained 75 years without a single labor dispute, PyungHwa Group has been recognized as a family enterprise that upholds technological excellence, trust, and shared growth with local communities.
Source
Asiae (Asia Economy CORE)
https://core.asiae.co.kr/article/2025111709490950934
Strengthening Korea’s Industrial Foundation in Rubber and Automotive Parts Across Three Generations
Chairman Jong Seok Kim and President Ju Young Kim of PyungHwa Group have been selected as recipients of the Family Business Award at the 19th EY Entrepreneur Of The Year, hosted by EY Han Young.
The Family Business category honors family entrepreneurs who have successfully carried forward the founding spirit while leading sustained growth across generations. PyungHwa Group, now in its third generation of leadership, has built a 75-year legacy rooted in innovation, technological independence, and trust.
Founded in 1950 during the Korean War as PyungHwa Rubber Industrial Company by Honorary Chairman Geon-ki Kim, the company began with the production of rubber erasers. Inspired by his hope that peace would follow the war, he named the company “PyungHwa,” meaning peace. In 1957, the business transitioned into rubber component manufacturing. At a time when Korea lacked industrial infrastructure, Honorary Chairman Kim foresaw the growth potential of the automotive industry and laid the foundation for the nation’s rubber sector as a first-generation pioneer.
In 1987, Chairman Jong Seok Kim assumed the role of CEO of PyungHwa Industrial, spearheading business diversification and technological self-reliance. Through technology partnerships with companies in Japan and Germany, PyungHwa successfully localized oil seals and O-rings, which had previously been entirely dependent on imports, achieving import substitution effects worth trillions of won.
Since becoming CEO in 2017, third-generation leader President Ju Young Kim has led a strategic transformation toward future mobility, focusing on electric and hydrogen vehicles. By expanding collaboration with major automakers in North America and Europe, the company has increased its export ratio and strengthened its global presence. PyungHwa has also participated in hydrogen fuel cell vehicle component development for over 20 years, securing advanced eco-friendly automotive technologies.
To date, PyungHwa has invested more than KRW 200 billion in research and development to achieve technological independence and innovation. In partnership with Hyundai Mobis, the company successfully localized air suspension systems after four years of joint development, breaking the monopoly previously held by a German supplier.
Driven by continuous technological innovation, PyungHwa’s revenue has grown from KRW 100 billion in 2002 to approximately KRW 1.5 trillion in 2024.
Chairman Kim and President Kim stated:
“People are PyungHwa’s greatest asset. The trust built together with our customers, partners, and employees over the past 75 years has been the driving force behind our resilience and competitiveness.”
This recognition underscores PyungHwa Group’s enduring commitment to entrepreneurship, innovation, and sustainable growth across three generations.
Source: Maeil Business Newspaper