Hanil Synthetic Fiber, established in 1964 and having led the Korean fiber industry, has not only enhanced clothing for Koreans, but has also contributed to the economic development of the country during the era of economic acceleration by manufacturing and exporting its products. Hanil Synthetic Fiber was the first manufacturer in Korea to successfully produce acrylic fiber, which was called the Magical Fiber in the 1960s, and opened up a new path for exports. In 1973, the company was awarded the $100 Million Export Tower prize, a first for a single company in Korea. Moreover, in 1979, Hanil Synthetic Fiber received the $400 Million Export Tower prize. Having started out dyeing and sewing acrylic fiber, Hanil Synthetic Fiber later went on to produce and develop spun bond and special fibers, remaining at the forefront of the fiber industry. More recently, Hanil Synthetic Fiber has grown into a representative apparel and synthetic fiber company in Korea by exporting apparel and entering into the fashion industry. Hanil Synthetic Fiber achieved remarkable growth and business expansion through continuous growth until the late 1980s, and at the same time, equipped itself with overseas production networks by relocating domestic facilities to locations such as China and Indonesia, in order to sharpen its competitiveness amid the rapid changes in the industrial climate. During the 1990s, as Hanil Synthetic Fiber pursued business diversification, the company suffered difficulties for about nine years due to the 1997 Asian Financial Crisis. Nevertheless, by joining the Tong Yang Group family in February 2007, Hanil Synthetic Fiber is preparing for another take off. Hanil Synthetic Fiber will be reborn as a company specializing in fiber, apparel, and fashion, leveraging the expertise and experience the company has accumulated over its 40year history.