KORLOY’s 60th Anniversary: A History of Growth Built by Technology and People – From Localization to Global Competitiveness, a Journey of Innovation and Happiness-Oriented Management
The growth of Korea’s manufacturing industry has been shaped by several iconic companies. Among them, KORLOY (CEO Jung-Hyun Yim) is recognized as a company that helped lay the very foundation of the nation’s industrial development. Founded in 1966 as Korea Tungsten Co., Ltd., the company led the technological self-reliance of Korea’s manufacturing sector through the localization of cemented carbide cutting tools and has since expanded into global markets, evolving into the KORLOY of today.
However, KORLOY’s 60-year history cannot be described simply as a story of business growth. Two consistent themes have defined the company throughout its journey. One is the pursuit of competitiveness through technological innovation, and the other is a people-centered management philosophy. The interaction of these two pillars has shaped KORLOY’s identity and driven its continued success.
A Challenge Born in an Industrial Frontier – Laying the Foundation for the Localization of Cemented Carbide Cutting Tools
On June 11, 1966, Korea Tungsten Co., Ltd. was established. At the time, Korea’s manufacturing industry was still in its infancy, and key industrial components such as cutting tools were largely dependent on imports. Founder, the late Sung-Han Yim, envisioned not merely a company that manufactured products, but one that would help build the foundation of Korea’s industrial sector.
The company’s first plant was established in Sindorim, and production began through a technical partnership with a Japanese company. However, the journey was far from easy. Facilities, technology, and skilled manpower were all in short supply, requiring continuous investment and expansion. In 1968, the company relocated its plant and broadened its market presence by opening sales offices in Busan and Daegu.
In 1970, a joint investment and technical cooperation agreement with Sumitomo of Japan further strengthened the company’s technological capabilities, marking a significant turning point in its growth.
Then, in 1976, the company completed Korea’s first cemented carbide insert production system, establishing itself as a symbol of localization and technological independence. This achievement was more than a corporate milestone—it represented a historic moment when Korea’s manufacturing industry began securing its own technological capabilities.
Building the Foundation for Growth Through Crisis Management and Operational Stability
From the late 1970s through the 1980s, the company faced a series of challenges. The emergence of competitors, issues related to mining investments, and changing market conditions created significant management pressures. Yet this period ultimately became a defining chapter that transformed KORLOY’s organizational strength and competitiveness.
The company enhanced product reliability by implementing comprehensive quality management systems and obtaining KS certification. At the same time, it pursued management innovation initiatives and organizational improvements to strengthen its internal capabilities.
In March 1981, the late Sang-Jin Yim assumed leadership of the company. To overcome the challenges facing the business, he focused on strengthening operational systems while driving management innovation programs and introducing advanced practices such as a performance-sharing system. Technological achievements, particularly the development of coated inserts in 1985, played a decisive role in establishing KORLOY as a technology-driven company.
Through this period, KORLOY established a clear corporate philosophy: technology is survival, and technology is growth.
Securing Proprietary Technology and Laying the Foundation for Global Expansion
From the late 1980s through the 1990s, KORLOY moved beyond technological self-sufficiency and entered a new phase focused on securing proprietary technologies and preparing for global expansion. In 1987, the company changed its corporate name from Korea Tungsten Co., Ltd. to Korea Tungsten Company, marking the beginning of a new chapter of growth.
The establishment of the Production Technology Research Institute in 1987 enabled the company to build a full-scale R&D framework. By independently developing and acquiring core technologies—including CVD and PVD coating technologies, chipbreaker design, powder engineering, and die design—KORLOY successfully eliminated its dependence on foreign technologies.
During the 1990s, the company undertook a major transformation of its production systems and manufacturing infrastructure. Centered around the Jincheon plant, production processes were reorganized into an integrated manufacturing system, creating a foundation for simultaneous improvements in quality and productivity.
A particularly significant milestone came in 1995, when KORLOY proactively introduced an electronic approval system and MRP (Material Requirements Planning), both of which were considered advanced management infrastructure requiring substantial investment at the time. This marked the beginning of the company’s digital management transformation.
More than simple computerization, this initiative standardized business processes and systemized production and materials management. By enabling faster decision-making and more efficient production control, it became a pivotal step that elevated KORLOY’s competitiveness within the industry.
The transformation achieved during this period fundamentally strengthened the company’s ability to compete in the global marketplace.
The Leap Toward a Global Enterprise and the Formation of a Global Brand
From the late 1990s onward, KORLOY began its full-scale expansion into global markets. By demonstrating its technological excellence through ISO quality certifications, patent acquisitions, and the prestigious Jang Young-Sil Award, the company steadily built trust and credibility on the international stage. Participation in overseas exhibitions and the expansion of export activities further enhanced global brand recognition.
Entering the 2000s, KORLOY strengthened its customer-focused management approach alongside continued investments in manufacturing capacity. A management system centered on customer satisfaction became firmly established, enhancing competitiveness across delivery performance, product quality, and customer service.
During his tenure as Head of the Overseas Sales Division, CEO Jung-Hyun Yim played a pivotal role in building KORLOY’s global network by establishing subsidiaries and operations in key markets, including the United States, Europe, India, China, and Brazil. These efforts laid the foundation for the company’s current business structure, in which a significant portion of revenue is generated from international markets.
CEO Jung-Hyun Yim’s Appointment and Strengthening Competitiveness in the Global Market
In 2019, Jung-Hyun Yim was appointed as KORLOY’s 8th CEO. Since taking office, CEO Jung-Hyun Yim has accelerated the company’s global market expansion strategy by establishing overseas sales subsidiaries in key regions, including Chile, Türkiye, Russia, and Mexico. Building on this foundation, KORLOY has focused on strengthening its responsiveness to local market needs and expanding its global distribution network, while actively increasing the proportion of overseas sales.
In particular, KORLOY has enhanced its global competitiveness by implementing region-specific sales strategies tailored to local industrial demand and market characteristics. Through the continuous expansion of overseas operations and diversification of sales channels, the company has concentrated on securing a solid foundation for sustainable long-term growth.
During this period, expanded investment in R&D and infrastructure for the development of premium and leading-edge products further accelerated KORLOY’s growth. Continuous investment in machining solutions for difficult-to-cut materials required by the aerospace, defense, automotive, and mold & die industries, along with ongoing enhancements to cutting tool performance and product portfolios, strengthened KORLOY’s premium brand image. As a result, demand from both domestic and international customers continued to increase.
Today, KORLOY continues to establish overseas subsidiaries and expand its global network to further strengthen its presence in international markets. Through these efforts, the company is reinforcing the foundation necessary to position itself as a globally competitive enterprise. In the process, KORLOY has evolved beyond a manufacturing company to become a recognized global brand.
DX Transformation and Smart Factory Initiatives: A New Stage of Manufacturing Innovation
In recent years, KORLOY has entered another phase of transformation. Since CEO Jung-Hyun Yim took office, the company’s Digital Transformation (DX) initiatives have been establishing a new benchmark for manufacturing competitiveness.
Data-driven process management, PLM-centered system integration, and the implementation of smart factory technologies represent more than simple automation—they are fundamentally transforming the way the company operates. In particular, the integration of R&D, production, and quality management into a unified data platform provides a strong foundation for future expansion into AI-driven manufacturing.
In addition, KORLOY’s Jincheon Plant is accelerating efforts to strengthen manufacturing competitiveness through facility expansion and the introduction of advanced industrial transport robots. Through continuous investment in equipment and the development of a smart production environment, KORLOY is maximizing workplace efficiency while advancing the establishment of a next-generation manufacturing platform designed to improve overall productivity. The company has also expanded automation across production lines and logistics operations, reducing inter-process transfer times while enhancing both operational efficiency and workplace safety.
CEO Jung-Hyun Yim emphasizes that automation and AI have limited value without connected and integrated data. He identifies digital transformation as a critical factor that will determine KORLOY’s future competitiveness. The company is currently focused on building the platform infrastructure necessary to fully realize this vision.
In 2022, KORLOY marked a new milestone by relocating its headquarters from Doksan-dong, Geumcheon-gu, Seoul, to Seocho-dong, Seocho-gu, Seoul. This move was driven by the company’s commitment to attracting top talent, strengthening organizational competitiveness, and creating a more efficient, digitally enabled work environment.
Entering a new era in Seocho-dong, KORLOY continues to strengthen its foundation for future growth. From this hub of innovation and transformation, the company remains committed to creating greater customer value and enhancing its global competitiveness as it advances toward becoming a leading enterprise of the future.
The Pillars of KORLOY: “Another Originality” and “Happiness Management”
KORLOY’s corporate mission is "Another Originality" — “We pursue another originality every day for a better tomorrow.” Originality is the fundamental driving force behind KORLOY. It is not simply about improving what already exists, but about creating new technologies and delivering new value through innovative thinking. Guided by this philosophy, KORLOY is committed to achieving customer satisfaction, employee happiness, and thorough preparation for the future through its products, services, and all aspects of its business operations.
One of the most distinctive elements throughout KORLOY’s history that supports this mission is its philosophy of “Happiness Management.” This concept extends far beyond employee welfare programs; it is a management philosophy that is directly linked to organizational productivity and sustainable growth.
CEO Jung-Hyun Yim explains:
“This philosophy begins with the belief that if employees, who spend more than half of their day at work, are unhappy during that time, it is impossible to expect exceptional performance. When people are happy, they think more deeply, generate more ideas, and ultimately achieve better results.”
This philosophy is not a recent initiative but a principle that has been embedded in KORLOY since its founding. The company’s founder entered the manufacturing industry with the goal of creating employment opportunities for young people in his hometown, naturally establishing a people-centered approach to management from the very beginning. Through the unwavering commitment of Chairman Hye-Sub Yun, this philosophy evolved into a defining element of KORLOY’s corporate culture. Today, it has further developed by integrating with technological innovation, becoming a core foundation for both organizational culture and continuous innovation.
Building the Future Through Technology and People
Ultimately, KORLOY’s 60-year journey has been shaped by two defining forces: technology and people.
From its beginnings in the localization of cutting tool technology to its expansion into global markets, KORLOY has continuously advanced its technological capabilities. Yet behind every technological breakthrough has been a steadfast philosophy centered on people. CEO Jung-Hyun Yim describes KORLOY’s identity through two core pillars—technological excellence and Happiness Management—and emphasizes that sustainable growth can only be achieved when these two elements work together.
Looking ahead, KORLOY’s future will continue to be built upon these same foundations. The company is simultaneously pursuing the completion of its smart factory initiatives through digital transformation, expansion into high-value industries such as aerospace, defense, and medical technology, and the strengthening of its competitiveness in global markets. Yet amid all these changes, one principle remains constant.
Technology will continue to evolve, but it is ultimately people who make that evolution possible. Just as KORLOY’s past 60 years were shaped by the combined power of technology and people, its future will likewise be a journey driven by both innovation and human potential.
