SEOUL, South Korea–(BUSINESS WIRE)–Hyosung ITX will develop smart factory solutions to expand its related market.

Hyosung ITX, an IT subsidiary of the Hyosung Group (KRX:004800), announced that it recently signed an MOU with POSCO ICT in the POSCO ICT building in Pangyo, Gyeonggi Province, to develop smart factory solutions.

Smart factory solutions are a system to help make quick and right decisions in the process of production by collecting and analyzing data from all of the product-related processes from manufacturing to sales.

“We should lead in the age of big data through the fusion of information technology and existing production systems. We should also have a system to respond quickly to customer needs, adapting ourselves to the times of singularity focused on advancements in artificial intelligence,” Hyosung Chairman Cho Hyun-joon said.

Hyosung ITX (KRX:094280) has turned many factories of the group at home and abroad into smart ones since 2017, gaining know-how in various manufacturing fields including textiles, chemicals, and heavy industries. Similarly, POSCO ICT has acquired rich experience and know-how from its application of smart factory solutions to steelworks run by POSCO. Both companies expect the MOU to enable them to build systems optimized to serve individual manufacturers.

To achieve this, the two sides will share all technologies related to hardware and software of smart factories involved. Technologies to be shared include MES (Manufacturing Execution System) to schedule works and aggregate results, SCM (Supply Chain Management) of supply chains ranging from parts to customers, and VAS (Visual Analytics System) for real-time analysis through visualization for users to grasp the current situation of quality and process management at a glance.

Meanwhile, Hyosung ITX has carried on smart factory business since 2017 by utilizing its IT competitive advantage based on IoT, cloud, and big data technologies that drive the fourth industrial revolution.