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AMOREPACIFIC suppliers held the Win-Win Seminar

Company 2005-02-24

We will grow as you grow!! AMOREPACIFIC held the Win-Win Seminar with its suppliers on February 24th at the AMOREPACIFIC Personnel Development Center to promote and share mutual competitiveness. 47 people attended the seminar, including the Vice President Shim, Sang-bae of the Production & Logistics Innovation Division, a Soowon factory representative, a production support manager, and 29 representatives from suppliers including the AMOREPACIFIC General Industry, Taesininpac, and others, and 18 representatives from raw material supplier firms. At the seminar, AMOREPACIFIC awarded Taejin Chemistry and six other suppliers (A total of three packing material suppliers and four raw material suppliers) trophies and cash prizes worth 200 million won for their outstanding performance in 2004. For additional prizes, it plans to support overseas training for suppliers for them to learn the examples of foreign leading companies. At the seminar, AMOREPACIFIC workers and representatives of suppliers discussed ways to build mutual trust and to develop future-oriented strategies and had opportunities to further strengthen their win-win partnerships. During the opening speech, Vice President Shim, Sang-bae of Production &Logistics at AMOREPACIFIC stressed that it is urgently needed that the mindset to regard suppliers as the most important customers be firmly established and said that “AMOREPACIFIC will commit itself to foster a healthy corporate culture and spread it by fully taking on corporate social responsibilities and actively implementing win-win partnerships” Under the current management paradigm where the concept of partnership is getting increasing attention, AMOREPACIFIC has sought various ways to promote mutual development through cooperation and development of suppliers. A good example is the new measure that AMOREPACIFIC came up with to provide cash payment to suppliers for delivery fulfillment. Beginning last January, the company has been paying in cash to certain lines of suppliers, easing their financial difficulties due to the slowing economy, which has stimulated much interest at home and abroad as a representative example for mutually benefiting management. With this new measure in place, 700-odd SME’s which are in business with AMOREPACIFIC can recover 200 billion won worth of payment at an early stage every year. With this measure, 700-odd SMEs with business ties with AMOREPACIFIC are expected to improve their profitability with substantially reduced interest burdens in honoring bills. Also, as a part of the win-win partnerships, the company held two management seminars to have the opportunity to share opinions and to seek cooperation with the company’s first customer managers. A special contract outlet seminar was held on January 14th and the first Hueplace manager seminar was held on January 20th, where they shared marketing and operation strategies for this year and reaffirmed their resolve to achieve the goals.