[Photo provided by Kyungdong Navien Co.]
South Korea’s leading boiler maker Kyungdong Navien Co was crowned as the “Best Company of the Year” in a state-sponsored event backed by the Russian economy ministry, receiving the top honor for the first time as a Korean boiler maker operating in the country, the company said Thursday.
The prestigious award was established 20 years ago to encourage business investments into the Russian market.
Kyungdong Navien shares closed down 0.54 percent at 55,000 won ($51.07) on Friday in Seoul.
The producer of gas and oil boilers for homes is leading the pack in the Russian market of wall-hung boilers and is seen as a trend setter with the launch of commercial heaters and water-heating cascading systems in Russia.
The accolade recognizes the company’s quality products and commitment to innovation in the local market where there is a high preference for European brands, a company spokesman said. Kyungdong Navien expects to see accumulated sales of 1 million units in July, a milestone in 10 years of business activities in Russia.
The company plans to build on its footprint in Russia to expand sales in the broader CIS market where demand for heating systems continues to grow each year.
Kyungdong Navien exported its first shipment to the Russian market in 1994 and elbowed out rival European brands to claim the top spot in 2012. It refined a network of sales and maintenance services after setting up a local entity in 2014. In recognition of its success in serving consumers, the company was named the winner of the Russian national brand award in the gas boiler category in 2016.
It is a market leader in condensing boilers and water heaters in North America, the largest home boiler market in the world.
By Seo Chan-dong and Minu Kim
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