Namsun Aluminum's (008350.KS) automotive division received an award at General Motors' Supplier of the Year (SOY) ceremony held in Austin, Texas, the company said Tuesday. With this recognition, Namsun Aluminum has been named an SOY for 15 consecutive years since 2011.
Jung Soon-won, CEO of Namsun Aluminum's automotive division, attended the ceremony to accept the trophy.
The SOY award is presented by GM to suppliers selected from approximately 6,000 partners worldwide based on evaluations of technological capabilities, supply stability and sustainability. This year, a total of 103 companies, including 20 Korean firms, received the honor. Namsun Aluminum's automotive division said its major bumper systems and mid- to large-sized injection molds supplied to GM Korea received high marks.
In particular, recording "zero issues" on the Supplier Problem Prevention System (SPPS) over the past year and earning "BIQS Level 5," the highest grade in GM's quality evaluation, served as key drivers of the award. SPPS is a communication tool activated by suppliers and customers to resolve problems when product quality issues arise.
"Being selected as an SOY for 15 consecutive years is the result of the company's consistent efforts in quality enhancement, new technology development and stable supply being repeatedly recognized," CEO Jung said. "We will not become complacent and will work to maximize our expertise and business know-how to become an even more trusted partner in the global auto parts market."
