Hyosung America Inc., based in New York, is the private subsidiary of the Korean company, Hyosung. Founded in 1966, Hyosung is one of the most prestigious conglomerates in Korea, with approximately 17,000 employees and about seven trillion in annual sales. Started as one of the global leaders in chemical fibers, the firm has grown its business territory in heavy industry, construction, information and communications, power, logistics, trading, textile and industrial systems. The company functions through its seven Performance Groups and 24 Performance Units. The products offered by Hyosung are fibers, dyed garments, tire and industrial reinforcement, carpet carmat, chemicals, packing materials, power systems, industrial machinery, renewable energy, etc. Its various brands include Mipan, Xanadu, Firex, Finestar, Askin and many more.