PK Valve – history of industrial valves

Starting out as an individual enterprise named Pusan Pogeum Industry in 1946, PK Valve is the first Korean company that made and supplied valves. “Pogeum” means gun metal, which was used for making cannons at first and for producing industrial parts such as valves and gears later.
As its company name indicates, PK Valve represents the nation’s history of the valve industry. Since it took up the current location as the “first” company that moved into the Changwon Industrial Complex in 1974, PK Valve has begun to produce heavy, thick, long and large industrial valves in earnest.
In 1980, the company became the nation’s first to develop ultra-low temperature valve used for LNG plants, and set up technology research center and material R&D institute in 1994 and 2011, respectively, also for the first time in Korea.

PK Valve, a global industrial value maker, is also the first company that moved into the Changwon Industrial Complex in 1974.

PK Valve has produced and supplied more than 30 million valves during the past 60 years or so, and possesses more than 20,000 valve models. The company’s ideal combination of plentiful experience, skilled manpower and systemized know-how has enabled it to produce and supply a 76-inch gate valve in 2007, the biggest size in the world at the time.

Researchers discuss the quality of completed gate valve in front of the in-house R&D center.

In 2011, PK Valve broke its own record by manufacturing an 88-inch gate valve to be used for Dahei Petrochemical Plant in India, receiving orders from Samsung Engineering. In a word, this company has monopolized all superlative modifiers of the first, the best and the largest in the domestic value industry. 

In 2011, PK Valve broke its own record by manufacturing an 88-inch gate valve to be used for Dahei Petrochemical Plant in India, receiving orders from Samsung Engineering. In a word, this company has monopolized all superlative modifiers of the first, the best and the largest in the domestic value industry.  
Despite its reputation as an industrial valve maker that represents Korea, the company also underwent a crisis when it was placed under a court receivership for 13 long years starting in 1985. Armed with an unrivaled technology in the nation, however, PK Valve could get out of bankruptcy protection at the height of the Asian financial crisis in 1998, when many other companies were busy requesting court-ordered management.

CEO Park Hern-gun, who took office in 2003, has never been negligent in making investment into equipment even amid tight financial situations. So he installed an electric furnace at a cost of more than 1 billion won, purchased land to build a second plant in neighboring Haman Industrial Park, and established the material R&D institute, creating foundation for sustainable growth.

CEO Park Hern-gun poses in front of one of his company’s products.

Such endeavors have led to improved corporate performance of PK Valve, which saw it sales and operating profits swell to 104.5 billion won and 24.8 billion, respectively, in 2009, compared with corresponding figures of 44.2 billion won and 1.1 billion won in 2003. The debt-to-equity ratio also plunged from 1,072 percent to 29.6 percent over the period. The company expects to record more than 160 billion won in sales, the highest ever since its foundation. 
 
The biggest change under CEO Park’s leadership was he turned PK Valve into a globalized company. In a bold departure from the decades-long business practice of “OEM + brand parallel operation system,” the company has been supplying its products only under its own “PK” brand since 2003, and changed its corporate name to “PK Valve,” in 2006.

A company engineer gives a final touch to an industrial valve.

Currently, PK Valve has maintained partnership not only with the domestic firms, including Samsung Engineering, Doosan Heavy Industries and Korea Gas, but also with global majors such as BP and Exxon Mobil and is registered as a qualified supplier to these companies.
 
PK Valve is now supplying products to more than 70 construction sites, including the Qatar Gas II project, the world’s largest LNG producing base, and has emerged as the world’s No. 5 industrial valve maker in terms of sales, not to mention Korea’s No. 1.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s