November 30, 2024

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GS Group's executives share ideas on new business strategies at a meeting held on Wednesday at a GS Retail workshop center in Pocheon, Gyeonggi Province. (GS Group)

GS Group’s executives in charge of tapping new businesses gathered on Wednesday to share where they stand in mergers and acquisitions, business partnerships and venture investments under the conglomerate’s new biz strategy -- “eco-friendly, digital future growth.”

The executives shared details such as the technology and business models of the companies they have invested in, and opportunities for collaboration between the firms and GS in areas including biotech, circular economy and energy transition.

GS Group Chairman Huh Tae-soo and about 50 executives attended the sessions held at a workshop center run by GS Retail in Pocheon, Gyeonggi Province.

“The essence of GS Group’s future growth strategy is to create new businesses with external partners of various capabilities including partner firms, private equity funds, venture capital and startups,” Huh said.

“As the economic slump is providing GS with a better environment for investment, let’s expand the ecosystem of new businesses through active investment, business cooperation and open innovation.”

GS Caltex explained where the company stands in hydrogen, biofuels, plastic recycling and electric car charging under its business direction of “preemptive action for energy transition.”

GS Energy said it will begin new businesses including development and distribution of blue ammonia, battery recycling and small modular reactors, and stretch itself to become a total electric power company covering everything from power production to sales.

GS Retail shared its progress in “quick commerce” that offers a new shopping experience by linking online and offline, home meal replacements and pet business.

GS Global said it will work on eco-friendly fuel supply through its overseas network.

GS Engineering and Construction outlined its plans for eco-friendly buildings such as prefab homes that combine the builder’s housing and plant construction capabilities with new eco-friendly technology, eco-friendly water treatment, smart fish farms, data centers and battery recycling.

The GS affiliates also discussed mergers and acquisitions, business partnerships and venture investments for the future.

Last year, a GS Group-led consortium acquired bio health care firm Hugel, and GS Retail acquired delivery platform Yogiyo.

GS Caltex is expanding its biofuels business with Posco International and jointly developing technology to mass produce bioplastic with LG Chem.

GS Energy joined hands with Abu Dhabi National Oil Co., the largest oil company in the Middle East, to develop blue ammonia; with Posco for battery recycling; and with NuScale Power in the US for small modular reactors.

GS Group’s corporate venture capital firms GS Ventures and GS Futures gave briefings on the latest developments in the tech startup industry in South Korea and North America.

GS Ventures, which was launched early this year, unveiled on Wednesday that it has invested in five startups, including one that develops eco-friendly alternative leather; one that has carbon nanotube technology; one that does customer-to-manufacturer commerce; one that develops meat alternatives; and a new media video contents firm.

GS Ventures said it will discover exceptional startups in biotech and climate control, resource circulation, future commerce, deep tech and smart architecture.

By Kim So-hyun (sophie@heraldcorp.com)