Coway Co., Ltd. ()is an international manufacturer of household appliances, water purifiers, air purifiers, bidets, water softeners, and mattresses from South Korea.
Founded and headquartered in Seoul, Coway is the largest water purifier company in the country and owns subsidiaries in
Malaysia
Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitutional monarchy consists of States and federal territories of Malaysia, thirteen states and three federal territories, separated by the South China Sea into two r ...
, the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
,
Thailand
Thailand ( ), historically known as Siam () and officially the Kingdom of Thailand, is a country in Southeast Asia, located at the centre of the Indochinese Peninsula, spanning , with a population of almost 70 million. The country is bo ...
,
Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...
,
Vietnam
Vietnam or Viet Nam ( vi, Việt Nam, ), officially the Socialist Republic of Vietnam,., group="n" is a country in Southeast Asia, at the eastern edge of mainland Southeast Asia, with an area of and population of 96 million, making i ...
,
Europe
Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a Continent#Subcontinents, subcontinent of Eurasia ...
,
Japan
Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north ...
, and
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
. The company is listed on the
Korea Exchange
Korea Exchange (KRX) is the sole securities exchange operator in South Korea. It is headquartered in Busan, and has an office for cash markets and market oversight in Seoul.
History
The Korea Exchange was created through the integration of Ko ...
and is a subsidiary of
Netmarble
Netmarble Corp. (Hangul, Korean: 넷마블 주식회사) is a South Korean mobile game developer. It is South Korea's largest mobile-gaming company which was founded in 2000 by Bang Jun-hyuk.
Overview
Netmarble developed ''Lineage 2 Revolution ...
since 2019. Recently, Coway is also focusing on the bedding products, such as
mattresses
A mattress is a large, usually rectangular pad for supporting a lying person. It is designed to be used as a bed, or on a bed frame as part of a bed. Mattresses may consist of a quilted or similarly fastened case, usually of heavy cloth, contain ...
.
History
Woongjin Group founded the company under the name Woongjin Coway in 1989.
Beginning with
water purifier
Water (chemical formula ) is an inorganic, transparent, tasteless, odorless, and nearly colorless chemical substance, which is the main constituent of Earth's hydrosphere and the fluids of all known living organisms (in which it acts as a s ...
s designed for the Korean market, Coway gained recognition with its product, the "Coway Water Purifier," launched in 1991.
The company's commitment to innovation led to the introduction of the "COMPAC Water Purifier (CP-6025)" in 1992, followed by a foray into air purification in 1995. With strategic partnerships and research, Coway ascended to the number one spot in South Korea's air purifier and water filter markets by 1999.
Amid financial concerns, Woongjin Group sold its majority shares in Coway to the private equity fund
MBK Partners
MBK Partners (MBKP) is a North Asian focused private equity firm. According to Forbes, MBK Partners is one of the largest private equity firms in Asia, managing $25 billion worth of assets.
Overview
MBK Partners was founded in 2005 by Michael ...
in 2013, which remained the holding company of Coway until 2018.
Woongjin briefly reacquired its shares from MBK in late 2018 for 1.68 trillion won (1.4 billion dollars), renaming the company back to Woongjin Coway in the process. However, their shares in Coway were put in auction less than a year later. Initially, companies such as
Carlyle Group
The Carlyle Group is a multinational private equity, alternative asset management and financial services corporation based in the United States with $376 billion of assets under management. It specializes in private equity, real assets, and pri ...
,
Haier Group and
SK Networks placed bids, but all eventually withdrew. The bid was later sold to mobile game developer
Netmarble
Netmarble Corp. (Hangul, Korean: 넷마블 주식회사) is a South Korean mobile game developer. It is South Korea's largest mobile-gaming company which was founded in 2000 by Bang Jun-hyuk.
Overview
Netmarble developed ''Lineage 2 Revolution ...
for 1.74 trillion won, despite Woongjin initially attempting to sell its shares for more than 2 trillion. Netmarble remains the largest holding company of Coway to the present day.
Over time, the company has pursued global expansion, establishing its presence in various countries including Malaysia, the USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe.
Coway Malaysia
Coway Malaysia is a subsidiary company of Coway mainly responsible for distributing Coway products in
Malaysia
Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitutional monarchy consists of States and federal territories of Malaysia, thirteen states and three federal territories, separated by the South China Sea into two r ...
. The subsidiary was founded in May 2006, with an initial investment of 5.8 million
Malaysian ringgit
The Malaysian ringgit (; plural: ringgit; symbol: RM; currency code: MYR; Malay name: ''Ringgit Malaysia''; formerly the Malaysian dollar) is the currency of Malaysia. It is divided into 100 ''sen'' (formerly ''cents''). The ringgit is issue ...
. Coway Malaysia is the largest subsidiary of the parent company, making up over 70% of its overseas revenue, amounting to over 1,091.6 billion won (837 million dollars) in 2022.
Products
Water Care: This includes water purifiers available in various configurations such as countertop, standing, and under-sink models.
Air Care: This division primarily focuses on air purifiers.
Body Care: This category includes bidets, massage chairs, and water softeners.
In addition to these core products, Coway provides services encompassing sterilization, cleaning, and self-management.
The company also offers support services, especially for filter maintenance and troubleshooting.
Design
The company has been recognized with several awards, including the
Red Dot Design Award
The Red Dot Design Award is a German international design prize awarded by Red Dot GmbH & Co. KG. There are prize categories for product design, brands and communication design, and design concept. Since 1955, designers and producers can apply ...
for 17 consecutive years.
In 2023, Coway also received accolades at the
iF Design Awards.
Financial overview
As of recent data, Coway's stock price stands at $31.18, with a revenue of $2.96B (TTM) and a net income of $342M.
Its growth rate has been recorded at 0.80%.
In Q4 of 2022, the company reported a revenue of KRW 980.2B, marking a 3.6% increase YoY. For the same year, its overseas revenue for Q4 was KRW 360.6B, a significant 19.6% growth YoY.
In Q2 of 2023, Coway reported financial growth with a revenue of KRW 1,006.2B, marking a 2.9% increase YoY.
R&D and technology
Coway's R&D center has been recognized as a CSA Qualified Witness Laboratory, a designated TÜV SÜD testing laboratory, a 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.
Key Milestones:
* 2022: Launch of the first BEREX smart mattress.
* 2021: Announced the acquisition plan for IoBED.
* 2017: Entered into a partnership based on Amazon AI.
Controversies
In 2016, three of Coway's ice cube maker models were discovered to leak trace amounts of
nickel
Nickel is a chemical element with symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel is a hard and ductile transition metal. Pure nickel is chemically reactive but large pieces are slow to ...
into its water. Allegedly, the company attempted to hide the defect from customers for a year. Coway was forced to recall models from an estimated 87 thousand customers in 2016, and several clients moved to file lawsuits against the company. Coway's CEO at the time, Kim Dong-hyun, was brought to resign from his position following the controversy as well.
References
External links
{{KOSPI 200
South Korean companies established in 1989
Companies based in Seoul
Electronics companies of South Korea
Companies listed on the Korea Exchange
Companies in the KOSPI 200