|▲ CEO Byeonggyu Park|
Succession of family businesses in Korea has had bad impressions. This might ascribe to the negative images and incidents of owner families of companies often reveal on the media. However, a recent survey tells it rather differently; on a question of the purpose of succession of businesses, 97% answered ‘continuation of accumulated expertise’. In other words, the public awareness on owner families is not as bad as we often see on the media; it might be fragmentary. Cabel is a company specialized in industrial diamond core drills and electric motors. Its own motor technique has built a global fame thanks to the excellent durability. <Power Korea> met Park Byeong-gyu, the junior owner of Cabel.
Dominating 80% of the market
Established in 2001 by Park’s father Nohhwan Park, Cabel has achieved a remarkable growth with continuous passion and technical advancement and is now sharing 80% of the core drills market in Korea. His father obtained numerous patents after 2003 and ISO9001 and Venture Inno-Biz in 2006; he designed and made himself the parts of rotators and stators as well as high performing electric motors.
This all-in-one design, development, processing, assembly and distribution system has pushed forward Cabel as far as to be a leader of core drills and electric motors in the world. Cabel’s excellent products are being exported to 25 countries including Russia, Israel, Australia and Hong Kong and CEO Park is now seeking the markets in Kazakhstan, China and India through thorough market researches and localizations.
“It is very important to know about the people and their culture before setting up a business in a targeted country. Not knowing what they are like, what they need and what they want is like a walking a long and dark cave without a lantern. That’s why we always carry out thorough market research first followed by the localization of our products” says Park.
Diversification of product lines
“Diversification of product lines does not mean we make something totally different. Cabel has had 20 years of expertise in electric motors. Diversification, therefore, means spinoffs within this boundary.”
Park, who formerly had interest in vehicles, joined his father’s business on finishing his university and engaged in the management as Co-CEO alongside his father from 2014. He focused on market research and gathering information in an effort to pioneer overseas markets. Having built its global recognition in the field of core drills and electric motors, Park is now seeking to expand the product lines.
“As part of this effort, we are also selling products of other companies while continuously carrying on our own R&D. It is important to know the good and weak points of other products if we are to make more advanced and competitive products.”
‘Trust’ has always been the management philosophy of Cabel: Trust in Quality’, ‘Trust in Price’ and ‘Trust in Warranty’. Park in particular makes most of the results of after care services as any faulty, even tiny, can be used for a data base to improve the part afterwards. Having secured the No.1 status in the field, Park currently is preparing for the the 4th Industrial Revolution with his plan to build smart factories.
“I think smart processing is not about saving labor and production costs but rather improving working environment of the existing employees. No matter how much technology advances, it is always for the people. This is the reason I’m working on improving the current staff welfare even better. I strongly believe that efficiency and quality comes from this: a sense of belongings and a safe and convenient work environment.”
“To be honest, I still have a keen interest in vehicles. One day, I think I can use our accumulated techniques of Cable to do something with vehicles. I’m dreaming of making the best car brand of South Korea in the future. Who knows I can actually make it happen?”
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