26 2023.05Coway’s R&D Center Becomes a CSA-Qualified Witness Laboratory
- Coway Environmental Technology Research Institute recognized as a CSA-qualified witness laboratory for electronic and electrical safety testing SEOUL, South Korea, May 26, 2023 -- Coway Co., Ltd., the “Best Life Solution Company,” announced today that Coway’s Seoul-based R&D Center, the Environmental Technology Research Institute, has received Witnessed Manufacturer’s Testing for Certification (WMTC) certificate from CSA. Coway has officially become a CSA-qualified witness laboratory. CSA Group is a global organization dedicated to safety, social good and sustainability. They are a leader in North American standards development and in product testing, inspection, and certification around the world. CSA Group is also a nationally recognized testing laboratory (NRTL) in the United States, as well as accredited by the Standards Council of Canada (SCC) which is Canada’s voice on standards and accreditation. CSA Group is providing certification for over 360 categories of CSA/ANSI/IEC/UL standards related to a wide range of products, including electronics and electrical products. CSA evaluates the testing laboratory's analytical capabilities according to strict evaluation criteria and grants the designated testing laboratory qualification. Following a rigorous evaluation of the testing laboratory’s analytical capabilities according to strict evaluation criteria, CSA Group granted Coway’s R&D Center the WMTC certificate for meeting international standards as a product safety testing laboratory. The certification allows Coway to test new products within its own R&D Center. “Our qualification as a CSA witness laboratory demonstrates that Coway’s in-house testing system adheres to the highest global requirements, enabling us to act swiftly in gaining CSA certifications in the North American market,” said Park Chan-Jeong, head of Coway Environmental Technology Research Institute. “In the future, we’ll continue to provide our customers with reliable products while contributing to product safety as a comprehensive global safety certification testing laboratory.” In addition to the CSA qualification, Coway Environmental Technology Research Institute has been recognized for its test and analysis capabilities by many other certification bodies. These include approval as a designated TÜV SÜD testing laboratory, TSP (Technical Service Provider) by WQA (Water Quality Association), an international testing laboratory with accreditation from KOLAS (Korea Laboratory Accreditation Scheme), and a drinking water quality inspection agency by South Korea’s Ministry of the Environment. About Coway Co., Ltd. Established in Korea in 1989, Coway, the "Best Life Solution Company," is a leading environmental home appliances company making people's lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit http://www.coway.com/ or http://newsroom.coway.com .
12 2023.05Coway Announces Financial Results for Q1 FY2023
SEOUL, South Korea, May 12, 2023 - Coway Co., Ltd., the “Best Life Solution Company,” today reported financial results for the first quarter of 2023. “Coway maintained stable sales revenue and operating profit throughout the first quarter,” said Soon Tae Kim, Coway’s Chief Financial Officer. "Despite the challenges posed by a global economic recession, we remain committed to achieving stable growth through market share expansion in the global market, innovative product launches, and strategic marketing efforts." Coway’s reported earnings are as follows: - First-quarter revenue: KRW 948.3 billion (+2.2% YoY) - First-quarter operating profit: KRW 175.6 billion (+1.7% YoY) * The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement. Domestic home appliance sales revenue rose to KRW 580.4 billion (+3.7% YoY) primarily attributed to successful new products such as water purifiers and the BEREX (Bed & Relax) line-up, with the Smart Mattress leading the way. The total overseas subsidiaries' revenue for Q1 reached KRW 336.4 billion, representing a year-on-year increase of 1.2%. Notably, the key growth-driving subsidiaries, Malaysia and Thailand, demonstrated significant revenue growth, with Malaysia achieving KRW 268.2 billion (+2.1% YoY) and Thailand reaching KRW 21.9 billion (+29.8% YoY). For additional details about Coway's financial performance, please visit the company's Investor Relations page. About Coway Co., Ltd. Established in Korea in 1989, Coway, the "Best Life Solution Company," is a leading environmental home appliances company making people's lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, the USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit http://www.coway.com/ or http://newsroom.coway.com .
09 2023.05Coway R&D Center Spearheads Innovation in Environmental Home Appliances
Coway Environmental Technology Research Institute, also known as the Coway R&D Center, recently achieved accreditation as a designated testing laboratory by TÜV SÜD Korea in 2023. This notable addition further enhances the R&D Center's reputation, as it already holds accreditations from renowned international certifying bodies, reaffirming its self-assessment capabilities that surpass global standards. However, the R&D Center's achievements extend beyond its testing capabilities. Situated in Seoul, the Coway R&D Center, specifically the Environmental Technology Research Institute, stands as Asia's largest research center dedicated to the study of water, air, and sleep technologies. Equipped with exceptional researchers and cutting-edge infrastructure, it leads the forefront of research and development in these fields. Upon entering the Coway R&D Center, visitors are greeted by the water purification system used by NASA in the lobby. Originally employed to provide drinking water for astronauts aboard the space station in the 1970s, this system utilizes the pioneering RO (Reverse Osmosis) membrane water filtration technology. Through the development of water purification and filter technology, Coway has played a vital role in making the RO water purification system accessible to households and businesses. Placing this system in the lobby serves as a constant reminder of Coway's commitment and responsibility as a global leader in water filtration and filter technology. ■ Global Top-Notch Research Manpower and State-of-the-Art Facilities The Coway R&D Center, established in 1993, serves as the hub for research and development activities. It encompasses the Design Center, the TQA (Trust & Quality Assurance) Center, and a product technology laboratory. The current R&D Center, constructed in 2008 within the Research Park of Seoul National University, boasts the largest scale among environmental technology institutes in Korea, covering an impressive area of 4,165 square meters. Approximately 300 dedicated researchers work within the Coway R&D Center, focusing on preliminary technology, innovative products, and filter research—the core technological aspects of environmental home appliances. Notably, with water specialization as their forte, 50 researchers actively contribute their knowledge. Among them, Coway proudly employs the highest number of certified water specialists (CWS) recognized by the Water Quality Association (WQA) and certified water sommeliers accredited by the Korea International Sommelier Association, making it a truly formidable team. Coway's Environmental Analysis Center serves as the foundation for consumer trust in their water purification systems. Specializing in water and environmental pollution analysis, the center ensures reliable testing capabilities. It holds the distinction of being designated as a Drinking Water Inspection Agency by the Ministry of Environment and recognized as an international testing laboratory by various domestic and foreign organizations and associations. These accolades include the International Testing Laboratory designation by the Korean Accreditation Organization (KOLAS), the first official RoHS Testing Institute by the European Union (EU) TÜV SÜD, and the Technical Service Provider status by the Water Quality Association (WQA). Established in 2019, the Coway Water Taste Evaluation & Research Lab stands as the world's only lab dedicated to analyzing and distinguishing the diverse taste of water. Its comprehensive analysis encompasses chemical components, environmental factors, and in-depth reports on overall water taste, setting scientific standards for general water taste evaluation. ■ Comprehensive Research Infrastructure and Unparalleled R&D Capabilities Coway Environmental Technology Research Institute spearheads the entire product development process, ranging from preliminary research to product design, development, reliability tests, and customer satisfaction tests. The institute houses 50 laboratories and approximately 330 experimental devices, enabling a wide range of experiments such as durability tests, performance evaluations, environmental tests, transport packaging tests, and electrical tests. By studying water and air quality, customer habits and behaviors, as well as the product usage environment, Coway leads the industry and continues to invest in R&D. The institute also operates an R&D system dedicated to the overseas market, allowing for the development of localized products that cater to the specific needs of each market. Through the collection and analysis of water samples from around the world, the institute has built a comprehensive water quality database. With approximately 2,700 water quality data points from 41 countries, the institute is able to provide optimal products and services tailored to specific markets. Additionally, the institute conducts 'IAQ (Indoor Air Quality) Field Tests' by visiting real living environments to analyze air pollutants in real-life settings. These tests contribute to improving the performance of air purifier products and developing effective air filters. ■ R&D Investment Leading to Innovative Product Launches Coway's consistent investment in R&D has resulted in the creation of innovative products, domestic and international patents, and proprietary technologies. Currently, the company holds over 2,000 domestic and international patent registrations, the highest number in the industry. As of 2022, the company also possesses 6,500 intellectual property rights, including trademarks. One of Coway's latest innovations, the BEREX Smart Mattress, revolutionizes the sleep experience and introduces a new category to the mattress market. Equipped with Coway's proprietary patented technology, the mattress automatically adjusts to one of nine firmness levels by utilizing air pockets that respond to the user's body pressure and sleeping position. These advanced air pockets, referred to as 'Sleep Cells,' independently control their air pressure to customize the mattress firmness according to the user's preferences. As a result, the mattress consistently maintains its optimal comfort through this durable technology, replacing traditional fast-wearing mattress springs. The BEREX Smart Mattress can be controlled via a remote controller or a mobile application, allowing users to monitor real-time body pressure, adjust firmness, select different modes, and more. The product also offers features such as pressure sensing and automatic pressure redistribution, sleep mode facilitating a conducive environment for restful sleep. The premium appliance range 'NOBLE,' introduced by Coway, has caused a sensation in the domestic environmental home appliance market with its cutting-edge technology and signature design. Notably, the NOBLE Water Purifiers showcase Coway's innovative Smart Motion Faucet technology, a pioneering feature in South Korea. This technology conceals the faucet within the main body when not in use, automatically revealing itself upon detecting user movement. Furthermore, the NOBLE Induction Cooktops incorporate the innovative All-Free Smart Auto Sensing technology, allowing seamless cooking by treating the entire cooktop as one large burner. The Coway R&D Center, represented by the Environmental Technology Research Institute, truly stands at the forefront of Coway's innovative endeavors. As the leading Best Life Solution Company, Coway aims to dominate the global market for environmental home appliances, relying on its exceptional R&D infrastructure and talented workforce.