- For more than 73 years, New challenges to seed & bio business, based on sales of 1 trillion won

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​Mario Bellini, world-renowned architect and designer, gave a lecture at the 2019 NOROO International Color Trend Show (NCTS) held on November 15th at the Seoul DDP.

[Hankyung Business, Kim Jung-woo Reporter]
On 15th Nov. 2018, <2019 NOROO International Color Trend Show (NCTS)> was held at Dongdaemun Design Plaza (DDP), Dongdaemun-gu, Seoul, that is an annual event of NOROO group since 2011.

On a large display installed under dimmed lighting, a colorful & vibrant ‘feast’ was unfolded. A lecture on 'color' was held in an atmosphere which is as if reminiscent of a ‘trendy club’.

World famous artists such as Mario Bellini, who’s been referred as "the living legend" of design world, attended the seminar and talked about his philosophy of color. Other speakers also gave lecture about their points of view that what kinds of color would attract everyone’s attention next year.

More than a thousand attendees participated the seminar. Audiences moved their eyes and hands as they watched the screen and listened speaker’s words. The original intent of the NCTS was to provide the industry experts with color information to related designers & specialists. However as time goes, young students interested in fashion or design have come to see themselves in the color trends

◆ Establishing a foundation for sustainable management through endless R&D
In this year, the group turned 73 years old. Although it has a long-long history, it is regarded as “young and innovative” company in the paint industry.

Looking at the origin of the group, it is completely “out of the way” comparing other conservative paint companies.
Recently, Korean construction industry is suffering from recession, however NOROO paint is in the process of steadily improving its performance by offering a variety of "innovation strategies" even when the situation is not good.
Not only NCTS. NOROO Group is also collaborating with global graffiti artists. It is showing wall paintings using NOROO paint in Korea.

In the meantime, NOROO also worked with fashion designers to show costumes using NOROO spray paint.
Through this event, the brand ' NOROO ' has also become a familiar brand for young generation.

It was because of the 'Innovative DNA' that has been passed down from the past.
NOROO has transformed itself into a ‘young company’. Under the goal of "understanding the market trends and developing the technology that matches them," They have been constantly engaged in technological innovation

It is also the secret that NOROO group could survive for 73 years without falling down even under IMF crisis. The "industry first" tag that always sticks to the rope demonstrates this. NOROO had its own laboratory since 1956. It was the first time in the industry. They assigned employees who majored in chemistry at the university, and started to experiments with the production of new products of printing ink & paints.

NOROO officials said, "The institute was the major driving force for the company's growth."

In 1976, NOROO established as an independent research institute. Purpose of researching on market demand for quality improvement and new product development, and patents have been conducted since then. In 1987, NOROO also established a color research institute and made an effort to express natural color through paints. This was also unprecedented in the industry. Of course there was a crisis as well. In 1998, during Korean financial crisis, called ‘IMF Crisis’. NOROO faced difficulties other companies. In particular, the bankruptcy of Kia Motors, which was the largest customer of NOROO, was critical.

◆ New business investments, forecasting beyond over 30 years.
At that time, NOROO was supplying 90% of its paint to KIA Motors co. ltd.  Accordingly, the first deficit in company history was recorded. Many people said that NOROO would also fail to overcome the foreign exchange crisis.

But unlike other Korean companies, NOROO had overcome the crisis and survived. After the financial crisis, when Korean economy recovered, NOROO regained its position. "NOROO was able to get through the crisis based on constant R&D investment and high-technology" said a NOROO official.

In the 2000s, NOROO group did not settle down. In 2006, NOROO group separated the company into holding company ‘NOROO Holdings co. ltd. And business company, NOROO paint co. ltd. Through the spin-off, ‘NOROO o Paint’ was able to concentrate on its own business and supported by its mother company, NOROO Holding co. ltd. In terms of strategy & new business.

On the other hand, NOROO Holdings developed various innovation strategies to support & maximize the profit of its subsidiaries. This strategy was valid. NOROO holdings had also introduced various management strategies such as NCTS (NOROO INTERNATIONAL COLOR TREND SHOW).
Now it has succeeded in transforming people’s perception of NOROO group from “conservative & old company” to a “completely young & challenging company”.

NOROO’s Innovation for the challenge is ongoing. Beyond Paint industry for 73 years, NOROO has set foot on new business areas. NOROO Holdings has established 'NOROO KIBAN' as a subsidiary to penetrate into new business, agriculture business in 2014. NOROO has been fully engaged in the seed and Bio- agricultural industry, which is considered as promising business in the future.
NOROO is currently laying the groundwork for establishing a research complex in Anseong, Gyeonggi Province and becoming a global seed & Bio- agricultural enterprise.
"We are investing for the future of 30 years later," said NOROO official. "We will continue to make efforts to equip ourselves with global competitiveness in agricultural business field as paint industry which NOROO is dominant."

▶ Magnifying glass
A 73-year old history that had begun with "Raising a company that is beloved as NOROO (the animal that Korean people love)"
Starting from a space of 198㎡ in Hoehyeon-dong, Seoul, in 1945, the company now has grown to have 21 subsidiaries and more than 1 trillion won in sales.

The process was also very interesting.

Initially the company, NOROO was established in 1945 as "DAEHAN offset inks", a year when Korea became independent from Japanese colonial rule. The founder and the former President of NOROO Group, established on the basis of a business philosophy of "For my own country"- based on patriotism.
He decided to produce the ink for publishing textbooks. After the independence, Korea had their own language back, but he felt that there was not enough paper and ink to use Korean language and to educate people. This was the beginning of the first ink production company in Korea.
Since then, the founder has actively sought out new areas beyond ink for further growth of the company. The result was new item “paint”, and in 1953, founder Han visited Europe and the US alone to tour the paint factory & industry in developed countries for a 'benchmark’
At this time, the brand name has also been created. During his visit in Europe, he visited to Bonn, then it was a capital city of West Germany. He visited a gallery in Bonn, and suddenly he found a pair ‘NOROO paintings’. He liked the picture, and he bought it instantly. And when he came back to Korea, he made his company name after ‘NOROO’ just like a picture he bought in Germany. He thought that he should grow the company as if the company is beloved by every customer as the beloved animal, NOROO.

enyou@hankyung.com
[This report is the article of Hankyung Business # 1199 (2018.11.19 ~ 2018.11.25)]

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