Ilhan New (유일한 柳一韓, January 15, 1895March 11, 1971) was a Korean independence activist and entrepreneur. He founded
La Choy
La Choy (stylized La Choy 東) is a brand name of canned and prepackaged American Chinese food ingredients. The brand was purchased in 1990 from Beatrice Foods by ConAgra Foods during the LBO firm Kohlberg Kravis Roberts' dismantling of the compa ...
Food Products, Inc. and
Yuhan Co, Ltd. His original Korean name was Ilhyeong New.
Early life
New was born in 1895 in
Pyongyang
Pyongyang (, , ) is the capital and largest city of North Korea, where it is known as the "Capital of the Revolution". Pyongyang is located on the Taedong River about upstream from its mouth on the Yellow Sea. According to the 2008 populatio ...
among nine brothers and sisters, and emigrated to 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 ...
at the age of 9.
In America he gained a degree from the
University of Michigan
, mottoeng = "Arts, Knowledge, Truth"
, former_names = Catholepistemiad, or University of Michigania (1817–1821)
, budget = $10.3 billion (2021)
, endowment = $17 billion (2021)As o ...
and founded
La Choy
La Choy (stylized La Choy 東) is a brand name of canned and prepackaged American Chinese food ingredients. The brand was purchased in 1990 from Beatrice Foods by ConAgra Foods during the LBO firm Kohlberg Kravis Roberts' dismantling of the compa ...
Foods in 1922.
Yuhan Corporation
New returned to Korea in 1926, where he established the
Yuhan Corporation
Yuhan Corporation () is a South Korean pharmaceutical and chemical company headquartered in Daebang-dong, Dongjak-gu, Seoul. It was established in 1926 by New Il-han and has been listed on the Korea Stock Exchange since 1962. Yuhan is one of t ...
under the notion that “Only healthy people can reclaim their sovereignty.”
Believing that it was the duty and responsibility of a business to develop itself for the prosperity of all of society, New traded Yuhan in the
stock exchange
A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for th ...
for the first time in the Korean
pharmaceutical industry
The pharmaceutical industry discovers, develops, produces, and markets drugs or pharmaceutical drugs for use as medications to be administered to patients (or self-administered), with the aim to cure them, vaccinate them, or alleviate symptoms. ...
and started a program of
employee ownership
Employee stock ownership, or employee share ownership, is where a company's employees own shares in that company (or in the parent company of a group of companies). US employees typically acquire shares through a share option plan. In the UK, Emp ...
.
He was involved in the establishment of ''Mangho-Kun'' and participating in the NAPKO Project, the Country reclamation operation initiated by the United States
Office of Strategic Services
The Office of Strategic Services (OSS) was the intelligence agency of the United States during World War II. The OSS was formed as an agency of the Joint Chiefs of Staff (JCS) to coordinate espionage activities behind enemy lines for all branc ...
. In 1943, he authored a booklet entitled "Korea and the Pacific War" which was based on a report he prepared for the Office of Strategic Services (OSS). He also founded several schools.
Death and legacy
When he died at the age of 77, he donated all his wealth to the public foundation named the ''Korean Society and Education Aid Trust Fund''.
Jae-Ra New, Il-han New's first-born daughter, also contributed her entire fortune to a Korean public foundation named the ''
Yuhan Foundation
Yuhan Corporation () is a South Korean pharmaceutical and chemical company headquartered in Daebang-dong, Dongjak-gu, Seoul. It was established in 1926 by New Il-han and has been listed on the Korea Stock Exchange since 1962. Yuhan is one of t ...
'' when she died in 1991.
The Yuhan Foundation and
Yuhan School he founded are active in a variety of
public welfare
Welfare, or commonly social welfare, is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specificall ...
activities, scholarship programs and education for students. These activities are supported by the Yuhan Corporation's high
dividend policy Dividend policy is concerned with financial policies regarding paying cash dividend in the present or paying an increased dividend at a later stage. Whether to issue dividends, and what amount, is determined mainly on the basis of the company's una ...
.
References
External links
Yuhan Corporation Homepage
1895 births
1971 deaths
Korean independence activists
20th-century South Korean businesspeople
Korean revolutionaries
People from Pyongyang
Food and drink company founders
University and college founders
Korean company founders
Pharmaceutical company founders
University of Michigan alumni
20th-century Korean businesspeople
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