Lee Myung-soo, chairman of Jin Yang Oil Seal, and Ryu Sang-woo, CEO of Poongsan F&S, were awarded the Gold Tower Industrial Medal and Silver Tower Industrial Medal, respectively, for their contributions to enhancing industrial competitiveness through the localization of core technologies and manufacturing process innovations.
The Korea Productivity Center held the 50th National Productivity Conference on October 29 at KBS Hall in Seoul. This event recognizes companies, institutions, and individuals who have contributed to national economic development through productivity innovations in the industrial sector. The conference has been held annually since its inception in 1975, marking its 50th anniversary this year. A total of 19 individuals and 53 companies and institutions received awards.
Lee Myung-soo, who received the Gold Tower Industrial Medal, was recognized for leading the localization of core oil seal technologies and advanced manufacturing innovations, thereby promoting technological independence in the domestic parts industry.
He localized oil seal technologies that were previously reliant on foreign advanced companies and developed high-performance, durable products, strengthening industrial competitiveness. As a result, he has grown into a global parts supplier, providing products to major domestic companies such as Hyundai and Kia Motors, Samsung Electronics, and LG Electronics, as well as 27 overseas companies.
Lee has also focused on innovation in production sites. He established a dedicated organization for production innovation and actively introduced advanced manufacturing technologies, such as robotic automation, to enhance productivity and quality competitiveness. These efforts led to Jin Yang Oil Seal being selected as a 'K-Smart Lighthouse Factory.'
Recently, the company has expanded its business into future advanced industries. By developing magnetic encoder modules for humanoid robots and mecanum wheels for autonomous mobile robots, it is integrating existing parts manufacturing technologies into the robotics industry, laying the groundwork for new growth.
Ryu Sang-woo, who received the Silver Tower Industrial Medal, was recognized for his contributions to the localization of key defense components and productivity innovations through manufacturing process automation, which have strengthened export competitiveness.
Since taking office in 2015, Ryu has led equipment management and manufacturing process automation, achieving a cumulative productivity increase of 58.6%. He also invests about 7% of annual revenue in research and development (R&D) to localize key ammunition components, such as fuses and precision measuring instruments, and has secured independent processing technologies for next-generation small nuclear power plant components.
Active investments in equipment and new product development have led to increased sales and exports. Poongsan F&S has expanded its production base by investing 50 billion won in constructing a second factory alongside the development of export-oriented fuses, generating over 60% of total sales from newly developed items. Notably, sales have increased by 375% over the past five years, with exports accounting for 78% of total sales.
In addition to technological innovation, Ryu is committed to fostering a cooperative corporate culture, strengthening trust and collaboration between labor and management, and supporting local communities. He is also promoting youth job creation based on industry-academia cooperation, spreading the results of productivity innovations to the community.
* This article has been translated by AI.
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