Samyang Tongsang, which marks its 70th anniversary this year, said on the 22nd that it has changed its name to SYTS and will push to expand investment in artificial intelligence (AI)-based manufacturing innovation and research and development.
SYTS said it changed the name to reflect business expandability and future strategy while keeping the initials of its existing English name. It signals a shift from a "trading"-centric image to a manufacturing- and technology-based company.
The company plans to use this rebranding as a turning point to integrate AI-based production innovation into its leather manufacturing-centered business to strengthen global competitiveness. It will push to smarten manufacturing processes by optimizing production facilities and building a data-based demand forecasting system.
It will also expand investment to strengthen research and development and design capabilities. SYTS plans to expand its research and development (R&D) center by year-end and establish a design house (showroom). Through this, it aims to diversify clients and increase the share of high value-added products.
It will also accelerate the establishment of an eco-friendly production system. Focusing on the Gunpo business site, it plans to strengthen safety facilities and environmental response systems and expand community-linked job creation.
A SYTS official said, "With the name change as a turning point, we will strengthen both manufacturing competitiveness and technological capabilities to enhance responsiveness in the global market."