Meet the Republican ‘Prioritizers’

MONEY
WORRIES
are
destroying
americans’
MENTAL
HEALTH

12-19.07.2024
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 INTERNATIONAL EDITION
J u ly 1 2 - 1 9 , 2 0 2 4 _ VO L . 1 8 3 _ N O. 1

FEATURES

14
It’s All About
Priorities
These Republican foreign
policy pragmatists hope to
influence Donald Trump with
their third-way approach to
international relations.
by Alex J. RouhAndeh

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 Rewind

The Archives
“Nowhere in Atlanta will you find the sort of restless passion found
1996
in other major athletic events of the summer of ’96...Rather,
people the world over enjoy the Olympics, taking simple pleasure from a huge
production,” Newsweek wrote ahead of the Atlanta games, which are remembered
with a mixed legacy, largely due to the Olympic Park bombing that claimed
two lives and injured over 100 people. Nearly 30 years later, security is a top
priority in Paris after two individuals were arrested in late May for plotting a
terrorist attack on the Olympic soccer games in Saint-Étienne.

1965

“If anything, the President’s plea

seemed to spur the exodus; the
number of passports issued last
month exceeded June 1964 by 18.9
percent,” Newsweek wrote after lyndon
B. Johnson urged Americans to “see
the u.S.A” instead of vacationing
abroad. In 2023, an estimated 20
million Americans visited Europe.

1989

“[Roe v. Wade] was still the law

of the land, but it had been
narrowed,” Newsweek wrote after
Webster v. Reproductive Health
N E WSWE EK ARCHIVE [3 ]

Services restricted public funding

for abortion in Missouri. Post-
2022, Roe no longer governs the
nation—states decide abortion
laws, with 14 banning and six others
limiting it to 15 weeks or earlier.

4 NE WSWEEK .COM J u ly 1 9 , 2 0 2 4
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 In Focus
THE NEWS IN PICTURES

AT L A N TA

Biden’s Debate Debacle

Joe Biden’s stuttering performance was the talk of the first presidential debate as
he faced off against Donald Trump—without a live audience—at CNN studios on June 27.
The President was helped off the stage by his wife Jill after clashing with his Republican
rival on topics including immigration, abortion rights and the Russia-Ukraine war. Biden’s
physical state and raspy voice drew scrutiny from both sides of the aisle, with one CNN
panelist later claiming there was “very aggressive panic” among Democrats. Some in the
party also cast doubt on whether Biden should be their candidate in November. While
Trump appeared to be more alert throughout the night, he made several inaccurate
claims, including that the Biden administration supports abortions “after birth.”

▸ J U S T I N S U L L I VA N

6 NE WSWEEK .COM
GE T T Y

J u ly 1 9 , 2 0 2 4 NE WSWEEK .COM 7
 ECONOMY

‘It Has Taken a

Devastating Toll’
Financial insecurity is causing a mental health
crisis, with nearly two-thirds of Americans saying
money matters cause them the most stress

Stephanie and paul littleton aren’t living
the life they had imagined for themselves.
Ten years ago, they moved from their native Cali-
fornia to Texas chasing better work opportunities—
and they found them. Paul, 49, works as an estimator
and project manager for a construction company;
Stephanie, 48, works in trust administration.
They’re now making more money than ever but,
after years of high inflation, they find themselves
living paycheck to paycheck, while helping their
kids to pay off debt and save enough money to step
on the coveted property ladder.
As they both approach the age of 50, the Little-
tons say they are now in the same financial situation
as when they got married in their 20s.
“It feels terrible,” Stephanie told News-
week. “The only difference is that the
bills are bigger.”
GIULIA
“We are helping our oldest daughter CARBONARO
with student loans, and our youngest
daughter and her boyfriend live with us because
they can’t find anywhere else affordable to live,” she
said. “It has taken a devastating toll on our mental
health and our relationships.”
The Littletons are far from being the only family
experiencing this type of financial stress. Financial
insecurity is degrading Americans’ mental health,
according to a recent study by MarketWatch Guides
shared exclusively with Newsweek.
Even though inflation has eased considerably
compared to its June 2022 peak, nearly half (47
percent) of respondents to a survey conducted by
the financial news and market data company said
that 2024 has been the most stressful year of their
lives, money-wise.
by ‘Financial Fatigue’
Eighty-eight percent of respondents said
they feel some level of financial stress,
and 65 percent said their finances are

Illustration by BRIT T SPENCER NE WSWEEK .COM 9

Periscope
the biggest source of stress, which is
having a significant negative impact
on Americans’ mental health.
Among those surveyed, about
41 percent even said their finances
have “destroyed” their mental
health, and nearly two-thirds of
respondents (64 percent) to the
MarketWatch survey reported feel-
ing “financial fatigue”—a sense of
burnout or exhaustion when dealing
with money matters.
Manifestation of financial stress
isn’t only emotional: symptoms
reported by respondents include loss
of sleep (56 percent), physical fatigue
(47 percent), headaches (45 percent),
weight gain or loss (38 percent),
changes in appetite (34 percent) and
digestive issues (33 percent).
“As the cost-of-living crisis con-
tinues to impact households across
the country, many people who are
already struggling will be finding
their finances increasingly difficult
to manage,” Liz Hunter, director of
Money Expert, told Newsweek.
“While some on low incomes may
have become accustomed to dealing
with debt and financial uncertainty,
the current crisis has also meant that
there are many people experiencing
ECONOMY
financial difficulties for the first time
in their lives.”
This may be the case for the Little-
tons, who, when facing bigger bills,
had to give up what Stephanie calls
“certain ‘lifestyle-creep’ extras like
meal deliveries, gym memberships
and house cleaners.”
As regular exercise is known to
have a positive impact on both physi-
cal and mental health, Stephanie said
that her family is “lucky to have access
to public hiking and biking trails.”
More Bills, More Problems
But what exactly is stressing Ameri-
cans out? Some 57 percent of respon-
dents to the MarketWatch survey
said the cause was the high price of
essential goods; 47 percent pointed to
their lack of savings and 46 percent
to their lack of income.
Meanwhile, 37 percent blamed
their debt and 39 percent the per-
formance of the U.S. economy. Thir-
ty-six percent said that the high
cost of housing was causing them
PRICES BITE Latest figures show that
the cost of food—and shelter—has
gone up, making grocery shopping
more expensive for Americans.
stress, while 33 percent pointed to
high interest rates.
Dealing with such a stressful sit-
uation and the anxiety that this can
trigger has led many Americans to
avoid handling their finances entirely.
Some 44 percent of respondents to
the MarketWatch survey admitted
that they will ignore a financial
problem until it becomes a crisis. But
avoidance and neglect can further
corrode an individual’s vulnerable
financial situation.
A significant percentage of respon-
dents to the survey admitted to bad
financial habits triggered by the
stress they’re experiencing. Some
58 percent said they do not use a
detailed financial budget; 57 percent
procrastinate on important financial
decisions; 44 percent overspend to
deal with stress; another 44 percent
make purchases they cannot afford
and 41 percent avoid opening bills
or reviewing card statements.
Hunter, of Money Expert, rec-
ommends making it a priority to
check your accounts. “It might seem
like an obvious one, but regularly
checking your bank accounts means
you’ll know exactly what’s coming in,
what’s going out and what you can
afford to spend right now,” she said.
“Even better, it means you can stop
problems in their tracks; whether
that be fraudulent charges or simply
being a little too close to your over-
draft (and the fees that come along
with it) than you’d like.”
Americans often feel alone experi-
encing these painful situations, with
58 percent telling MarketWatch
that they hide their financial stress
from loved ones.
Following the pandemic, Ameri-
cans were hit by a cost-of-living-crisis
triggered by skyrocketing inflation,
which in June 2022 reached a high
of 9.1 percent—far from the Federal
J u LY 1 9 , 2 0 2 4
 FLUCTUATIONS While gasoline prices
shot up in April, they came down
a month later, offering some relief
for cash-strapped consumers.

was “poor” in May, up from 44 per-

cent in April and 39 percent in March.
Only 22 percent found the economy
to be “excellent” or “good.”

What To Do if You’re Struggling

Reserve’s goal of 2 percent. In May,
the latest data available, the consumer
price index was 3.3 percent higher
than a year earlier though remained
flat compared to a month before.
Gasoline prices, up 2.8 percent
in April, went down by 3.6 percent
in May. Yet although inflation has
come down, and appears to be con-
tinuing its downward trend, interest
rates and mortgage rates remain high,
keeping housing costs up. In May, the
cost of shelter shot up by 0.4 percent,
according to the latest data, suggest-
ing that homeowners and aspiring
FROM LE F T: FREDE RIC J. BROWN/A FP/GE T T Y; SCOT T OL S ON /G E T T Y
Another Gallup survey released
in May found that a growing share
of Americans (41 percent) said that
inflation was the most important
financial problem facing their fam-
ily today, up from 35 percent in 2023
and 32 percent in 2022.
The late st re sults colle cte d
between May 1 and 23 for Gallup’s
Economic Confidence Index, which
indicates how Americans feel about
the current economic conditions
and their outlook for the econ-
omy, showed that confidence in the
economy is plunging despite recent
David Atkins, a certified credit coun-
selor at the National Association of
Congregational Christian Churches,
has three simple rules to avoid feeling
stressed about money.
One, identify expenses and make
a plan. Gather all of your actual
expenses and develop a spending
plan where you break down your
expenses by category (home, trans-
portation, food, entertainment,
clothing, debt payments etc.) so you
know exactly how much money you
should budget for each one.
Two, use cash for daily expenses.
The psychological effect of pay-
ing with cash can help encourage
spending restraint.
And three, pay off credit cards as
quickly as possible. Credit card debt
often carries much higher interest
rates than other types of loans, so
not avoiding a balance can be a sig-

homebuyers are struggling. The price positive news. Forty-six percent of nificant cost (and worry) saving.
of food has also increased by a mod- Americans thought the U.S. economy People struggling to keep up with
est 0.1 percent in the same month. payments to their creditors could
Economic problems remain high consider trying to negotiate reduced
on the list of concerns troubling monthly repayments or ask to be put
Americans ahead of the November on a payment plan, Hunter, of Money
presidential election.
“As the cost-of-living Experts, suggested.

crisis continues...
In its latest survey, Gallup found “To do this, you’ll need to show
that 36 percent of Americans thought them why you can’t afford the cur-
that economic problems were the
many people rent repayments. They’ll usually want

already struggling
most important issue facing the to look at your total income, monthly
country today, with 17 percent wor- outgoings and essential living costs to
rying about the state of the U.S. econ-
will find finances see what you’re able to realistically

difficult to manage.”
omy in general and 12 percent about afford. However, this could affect
the high cost of living. your credit rating, and it may be

NE WSWEEK .COM 11
Periscope ECONOMY

harder to get credit in future,” she
said. Those struggling to repay mul-
tiple debts with high interest rates
might also want to consider consol-
idating their debts.
“This means that instead of hav-
ing to make multiple payments each
month, you could get one large loan
to pay everything off, leaving you
with just one payment to make each
month. Debt consolidation makes
managing [debts] easier,” Hunter said.
“However, it’s not always the best
option. Some come with added costs
like origination fees, balance transfer
fees on credit cards, closing costs and
annual fees,” she added. “If you have
figuring out a solution. “Imagine a
positive outcome to your financial
situation. Ask yourself what that
would look like and what steps you
might take to get closer to that vision.
This can help motivate you to make
changes,” Williams said.
“Make a list of steps that you need
to take and start small. Facing a
mountain is less daunting if you
focus on taking one step at a time,”
she added. “Get support from oth-
“Make a list of steps
ers. This might mean talking over
your worries with friends or family
members, or working directly with
a credit counselor or financial coun-
selor. You do not have to figure this
out on your own.”
Acknowledging the emotions that
people are experiencing—whether
that is fear, anxiety, sadness, frustra-
tion or something else—is also a good
way of steering clear of developing
unhealthy ways of coping with stress.
“Avoid trying to push these feelings
away and instead just notice them
and know that they will pass,” Wil-
liams said. “Taking action can help
prevent you from becoming stuck in

NATEE MEEPIAN/I STOCK /GE T T y

a poor credit score, you may only get
that you need to take. your negative emotions. Focus on the

loans with high interest rates too, so
it could end up costing you more
in the long run. When shopping
for a lender, it’s important to make
Facing a mountain
control that you do have.”
is less daunting if ▸ Giulia Carbonaro is a newsweek
you focus on taking reporter focusing on U.S. and Europe-

one step at a time.”

sure you understand the contract an politics, global affairs and housing.
before you sign up.” Email g.carbonaro@newsweek.com

You’re Not Alone

But getting your finances in order
can be daunting when that very same
task fills you with dread. Psychologist
and certified financial therapist Dr
Traci Williams said that people who
are battling with financial stress
should remind themselves that they
are not alone in their struggle.
“It can feel isolating because
other people around you may not
be openly sharing the details of
their financial lives,” she told News-
week. But experiencing financial
stress is, as the MarketWatch survey
showed, pretty common.
The easiest way for people to get
themselves out of this thorny situ-
ation is to face the issues up front,

TAKE ACTION The prospect of

CR EDIT TK

getting your finances in order can be

daunting but it is essential, experts
say, and you should seek support.

12 NE WSWEEK .COM J u ly 1 9 , 2 0 2 4
 MAIN PLAYERS
Clockwise from top
left: Kevin Roberts,
Elbridge Colby, J.D. Vance
and Josh Hawley

These Republican foReign policy pRagmaTisTs

hope To influence DonalD TRump
WiTh TheiR ThiRD-Way appRoach
To inTeRnaTional RelaTions BY Alex J. Rouhandeh

14 NE WSWEEK .COM
 ClOCK WI SE FROM TOP lEF T: DRE W A NG ERE R /GE T T y; CHRI STO PHER R THOMP SON; STEPHANIE KEITH/GE T T y; TOM WIllIAM S /CQ-ROll C All , INC ./GE T T y

J u ly 1 9 , 2 0 2 4
NE WSWEEK .COM
15

hey happily use the label “prioritizers.”
Anti-globalist and less willing to support
Ukraine than to counter China, millennial and Gen-
eration-X lawmakers are shaping a very different
Republican foreign policy than the interventionist,
old-guard boomer generation personified by the
82-year-old Senate GOP Leader Mitch McConnell.
Whether or not Donald Trump displaces President
Joe Biden in November’s election to return to the
White House, the GOP will likely continue to war over
how to best implement his “America First” agenda.
And the global consequences of their changing policy
stance could be far-reaching, from the Middle East to
Asia to the Ukrainian battlefield in Europe. So-called
Prioritizers, such as 44-year-old Senator Josh Hawley
of Missouri, nonetheless distinguish themselves from
those who fully oppose intervention in global politics,
a coalition that has also gained strength.
“The American people are the ones who bear the
burden and bear the pain of a foreign policy that
is globalist, sometimes imperialist, and refuses to
recognize any limits,” Hawley told Newsweek. “It’s
16 NE WSWEEK .COM
ClOCK WI SE FROM TOP lEF T: CHIP SOM ODE VIll A /GE T T y; CHIP S OM ODE VIll A /GE T T y; SAul lOEB /AFP/GE T T y; NATHAN HOWARD/GE T T y
just all about priorities. I’ve talked to very few vot-
ers who are isolationist.”
American support for Ukraine’s campaign against
Russia’s invasion has placed Republican Party divi-
sions at the forefront of U.S. politics as advocates
for restraint have bucked party leadership’s decision
to make America a primary figure in the conflict.
Speaker Mike Johnson, 52, who as a rank-and-file
lawmaker opposed aiding Ukraine, ultimately lis-
tened to McConnell and pledged enough Republican
support to advance a bipartisan measure dedicating
$61 billion to the war effort, a decision that almost
CONFLICT cost him his job after Republican opponents unsuc-
Clockwise from top
cessfully filed a motion to trigger his ouster.
left: Matt Gaetz, Chip
Roy, Jim Banks and Cory
While the issue of Ukraine aid may not be
Mills promote Prioritizer resolved till after the 2024 election, the foreign pol-
ideals to Trump (right), icy divisions within the Republican Party are only
which include stepping likely to grow as Conservative politicos court Trump.
back from Ukraine.
Democratic Senator Tammy Duckworth of Illi-
Opposite, from top:
Mike Johnson and
nois, 56, an Iraq War veteran and Purple Heart recip-
Mitch McConnell backed ient, told Newsweek the Republican Party was taking
funding to the country. a dangerous turn, which she blamed on Trump.
J u ly 1 9 , 2 0 2 4
 POLITICS

“It all comes back to Donald Trump and their over-

whelming willingness to do whatever they can to
appease him and get on his good side,” she said. “They
are willing to sell the legacy of Ronald Reagan for
MAGA expediency, and it’s really sad because it’s not
good for our national security, nor global security.”
The labels for the different foreign policy fac-
tions come from academics, with Jeremy Shapiro
and Majda Ruge proving influential in defining
parameters around the three groups in reports for
the European Council on Foreign Relations.
According to the duo, Restrainers advocate for
“strength at home and restraint in deploying and
using military force abroad,” shunning partici-
pation in military alliances that could entangle
the country in major foreign conflict. Primacists
believe America must maintain a dominant posi-
tion in military and international affairs through
vast alliances and robust spending. The Prioritizers
occupy a place in the middle. While their rhetoric
often mirrors the Restrainers, they hold a different
view on China, urging America to do all it can to
counter this top adversary. They embrace alliances,
as long as doing so furthers their mission.
Israel appears to be the exception to the rules

“The AMERICAN PEOPLE are The ones who bear The burden
and bear The pain of a foreign policy ThaT is globalisT,
FROM TOP : CHIP SOM ODE VILL A /GE T T Y; AN N A MON E YM AK ER /G E T T Y; BR ANDON BELL /GE T T Y

someTimes imperialisT, and refuses To any limiTs.”

RECOGNIZE
defining GOP divisions. While the conflict in Gaza
has led to splintering between progressive and
mainstream Democrats, nearly all Republicans are
steadfast in their support.

Appealing to Trump
“The ResTRaineRs have The sTRongesT hold on
the base, the Primacists have the strongest hold on
the Republican officeholders and elite, but the Pri-
oritizers have the best argument, they have the best
compromise,” Shapiro, research director of ECFR
told Newsweek. “In the event of governance, it’s my
prediction that they will do the best in creating a
foreign policy that appeals to President Trump as
opposed to candidate Trump.”

NE WSWEEK .COM 17

Leading the Prioritizers alongside Hawley is
39-year-old Senator J.D. Vance of Ohio, an Iraq War
veteran who’s seen as a potential Trump vice-pres-
idential candidate. Senator Eric Schmitt, 49, who
serves alongside Hawley in representing Missouri,
as well as Senator Roger Marshall, 63, of Kansas,
who served in the Army Reserve, also support Pri-
oritizer ideals. Both men—who’ve opposed Ukraine
funding—told Newsweek they back increased mili-
tary focus on countering China.
Prioritizers have also succeeded in courting
allies, telling Newsweek that they see Senators Ted
Budd, 52, of North Carolina; Ted Cruz, 53, of Texas;
Marco Rubio, 53, of Florida; and Rick Scott, 71, of
Florida, as potential backers of the cause.
Trump’s view will ultimately be decisive in shap-
ing the movement, political analysts say. The for-
eign policy factions are simultaneously trying to
both understand it and influence it.
Shapiro said Trump has been inconsistent in
his foreign policy, displaying hawkish attitudes in
some instances and a restrained approach in oth-
ers. This has resulted in the three groups carrying
“The ResTRaineRs have The hold on
The base, The PRimacisTs have The sTRongesT
hold on The RePublican officeholdeRs and eliTe,
buT The PRioRiTizeRs have The aRgumenT.”
18 NE WSWEEK .COM
POLITICS
out a “war for Trump’s mind,” he said, where the
factions are seeking to build a bridge between their
ideologies and Trump’s preferences.
Newsweek contacted Trump’s team for comment.
McConnell’s communications director David Popp,
said the Senate leader did not have anything to
add beside his “voluminous” floor remarks on this
subject. On April 23 following the passage of the
recent foreign aid bill that included dollars for
Ukraine, McConnell said: “American prosperity
and security are the products of decades of Amer-
ican leadership.... Our global interests come with
global responsibilities. Healthy alliances lighten
the burden of these responsibilities. And at the
end of the day, the primary language of strategic
competition is strength.”
ALLIANCE One of Trump’s clearest actions in office was
President Biden reorienting the Department of Defense from coun-
has pledged long- terterrorism to great power competition. Elbridge
term support to
Colby, at the helm of this transition, is widely
President Volodymyr
Zelensky’s Ukraine.
cited as one of the foremost minds within the Pri-
oritizer movement.
“Bridge,” as he’s often called, served as the Dep-
uty Assistant Secretary of Defense for Strategy and
Force Development under Trump.
Since leaving government, the 44-year-old has
co-founded a defense-focused think tank called The
Marathon Initiative and advocated for the realign-
ment of American resources toward the compe-
tition with China.
“People will say, ‘Oh, I favor doubling the defense
budget’—well, that’s unlikely to happen,” Colby
told Newsweek. “The Primacists are making things
a lot worse by frittering away our limited resources
and political will on peripheral and secondary
conflicts like Ukraine. I support the Ukrainians. I
think it’s important. But it’s a lot less important
than what’s happening in Asia, and the Europeans
can and are stepping up on Ukraine.”
STRONGEST
JIM WATSON /AFP/GE T T y
BEST
J u ly 1 9 , 2 0 2 4
CLOCK WI SE FROM TOP LE F T: OLIVIE R D OU LIE RY/AFP/GE T T Y; A NN A MONE YMAKER /GE T T Y; KE VIN DIE TSCH/GE T T Y; ANNA MONE YMAKER /GE T T Y; CHIP SOMODE VILL A /GE T T Y; ANDRE W H ARNI K /GE T T Y

JOINING FORCES Clockwise from top left: Eric Schmitt, of Missouri, and Roger Marshall, of Kansas, support the cause. The Prioritizers have said
there’s potential for Senators Ted Budd, Marco Rubio, Ted Cruz and Rick Scott to back the group in the future. Labels for the different foreign
policy factions come from academics.

NE WSWEEK .COM 19

Colby believes it’s not a matter of if, but when
more politicians back the Prioritizer philosophy
with the impending departure of longstanding
GOP leaders of the baby boomer generation, such as
McConnell. The ones most loudly promoting Priori-
tizer views are often men who came of age at around
the time of 9/11. Some served in the subsequent wars.
While there is overlap with Restrainer Conser-
vatives, such as Senator Rand Paul, 61, of Kentucky,
and Senator Mike Lee, 53, of Utah, in seeking cuts
on spending in Ukraine, the Restrainers seek an
even bigger scaling back of foreign policy and are
also likely to reject certain actions against China—
as they did in the case of seeking a possible U.S. ban
on the Chinese-owned app TikTok. One of the most
notable examples of this occurred in March when
Paul, in a well-publicized clash on the Senate floor,
blocked Hawley’s move to fast-track a TikTok ban.
POLITICS
“recovering neocon” and former Primacist. He has
IN CONTRAST
Clockwise from below
left: Katie Britt, Mike Lee,
Markwayne Mullin, Tom
Cotton, Rand Paul and
Tammy Duckworth have
differing opinions than
those of Prioritizers.
Iraq War Revisited
The PrioriTizer views align broadly wiTh Those
of the influential Conservative Heritage Founda-
tion. Its leader, Kevin Roberts, 50, is a self-described
become one of Trump’s most significant figures,
spearheading Project 2025—a memorandum span-
ning hundreds of pages outlining policy and person-
nel decisions aimed at shaping a Trump presidency
and advancing America First conservatism.
“The Iraq War led me to full-throated neoconser-
vatism,” he told Newsweek. “And then the assessment
of the Iraq War, five, seven years after it was a huge
issue, led me to realize I was wrong and then there-
fore the people who advocated for it were wrong.”
Roberts said Trump’s election win in 2016 pushed
him to look at American foreign policy in a new light.
Such views are echoed by Republican Congressman
ClOCK WI SE FROM TOP lEF T: AN DRE W HA RN IK /GE T T Y; DRE W AN GERER /GE T T y; AlE X WONG/GE T T y; AlE X WONG/GE T T y
 Chip Roy, 51, of Texas, the policy chair of the Free-
dom Caucus, who has emerged as one of the lower
chamber’s forces in advancing Prioritizer views.
“The justification for the war and engagement in
Iraq was a problem and that then was kind of a
sin that dominoed, so you had two decades of kind
of endless conflict,” Roy told Newsweek. “There’s a
third way—which is a little bit more of the Reagan
model, which is peace through strength. Trump
maybe to a degree, we only had four years—but
peace through strength, get in, engage, negotiate,
let them know you’re serious, but don’t commit our
men and women to endless conflict.” “The JUSTIFICATION for The war and
Roy has notably been critical of Ukraine while engagemenT in iraq was a problem
playing a key role in crossing bipartisan lines to and ThaT Then was kind of a sin ThaT
promote legislation restricting TikTok. Alongside
him is Congressman Matt Gaetz, 42, who rep- dominoed, so you had Two decades
of kind of conflicT.”
resents Florida’s 1st Congressional District, home
ENDLESS
to significant military bases and a robust veteran
population. Gaetz sees one of his responsibilities as
making sure his constituents do not have to go into
combat unless there is no other option.
“America’s bravest patriots live in my district,”
Gaetz told Newsweek. “I feel a deep and abiding
FROM TOP : BA SHA R TALE B /AFP/GE T T Y; K E VIN D IE TSCH/G E T T Y; A NN A MONE YMAKER /GE T T Y

sense of obligation not to get involved in foreign

conflicts that lack a clear objective.”
Others exemplifying Prioritizer ideals in the
House include Indiana Congressman Jim Banks, 44,
a veteran of the war in Afghanistan, and Florida
Congressman Cory Mills, 43, an Iraq War veteran.
However, Primacists are not without their own
backers under 50. Senators Katie Britt, 42, of Alabama;
Tom Cotton, 47, of Arkansas; and Markwayne Mullin,
46, of Oklahoma, all back the Primacist ideology.
Whatever the result of the 2024 election, the shift
in Republican foreign policy looks set to endure.
“They’re not focused, in the way that previous
Republican foreign policy elites were, on Washing-
ton and on sort of ‘right-thinking opinion’ about
foreign policy or anything like that—it’s very much
Trump and the Republican base,” Shapiro told News-
week. “All of these camps are playing for Trump.”

▸ Alex J. Rouhandeh is congressional correspondent

at newsweek. Follow him on X @AlexRouhandeh

NE WSWEEK .COM 21
 A m e r ic A’s

_ 2024
ompanies that create a great workplace are more likely to have engaged
workers who care about their jobs. But in April, Gallup reported that U.S. worker
engagement hit an 11-year low, falling to 30 percent of full- and part-time employees feel-
ing “highly involved and enthusiastic about their work and workplaces.” This was down
3 percentage points from the number of workers who felt the same way in just the last
quarter of 2023. Gallup added that the drop was most noticeable among remote, hybrid
and younger workers. To spotlight the companies whose employees find it easy to stay en-
gaged, Newsweek and Plant-A Insights Group are releasing the second-annual ranking of
America’s Greatest Workplaces. The companies featured here show that, even in the face
of waning enthusiasm among much of the workforce, it is still possible to create a great
environment that facilitates engagement. Throughout 2022 and 2023, more than 250,000
U.S. employees were interviewed for the ranking, resulting in more than 1.5 million com-
pany reviews spanning 78 individual sectors. The survey covered topics like compensation
and benefits, training and career progression, work-life balance and company culture.
Also, post-survey desk research considered each ranked company’s online mentions, di-
versity and inclusion ratings and reviews of senior management. The highly regarded
companies ranked here likely enjoy stronger client relationships and higher retention
rates because better workplaces benefit everyone. Nancy Cooper, Global Editor in Chief

22 NE WSWEEK .COM
FROM LE F T: 9D RE AM STUDIO/G E T T Y; PROSTOCK-STUD IO/G E T T Y
 Advertising & MArketing ISG

ITA Group
Access Direct
Jackson Dawson
Advantage Solutions
Lincoln Educational
Aquent LLC Services Corporation
Circana Market America

Daniel J. Edelman Outfront Media

Holdings, Inc.
Premium Retail Services
DEPT
R/GA
Halo Branded Solutions
Ryder System, Inc.
Healthcare Services Group
Service Corporation
Hudson RPO International Gulfstream Aerospace
Integer Group SPAR Group

Methodology

CURRENTLY, MANY U.S. COMPANIES ARE FACING
challenges to fill all open jobs, necessitating a
focus on meeting the diverse needs and chal-
lenges of employees. Companies can support
their workforce by prioritizing factors such as
work-life balance, competitive compensation,
professional development opportunities and
supportive workplace cultures. By addressing
employees’ fundamental needs, companies
not only foster a more positive and productive
work environment but also position themselves
to attract and retain talent. The methodol-
ogy for America’s Greatest Workplaces for
2024 is based on a five-part evaluation.
▸ The first phase was a pre-study survey that
interviewed HR professionals to identify cur-
rent and future employee satisfaction drivers.
▸ The second phase was the main employee
survey among U.S. employees who reviewed
employers they were familiar with. The
independent study is based on more than
250,000 interviews and more than 1.5 million
company reviews collected in 2022 and 2023.
▸ The third phase was an elaborate desk
research project in which we collected
overall 15 KPIs relevant for a great employee
experience (e.g., reviews and information from
social media platforms on corporate culture,
work life balance or career opportunities).
▸ In the fourth phase, we applied media mon-
itoring, reviewing all published press of the
past 24 months (12/9/2021 – 12/10/2023)
of all recognized companies to identify
potential legal disputes around the workplace.
▸ The fifth step was the validation step. We
calculated an individual company score
based on our proprietary scoring model.
The best companies with 500 to more than
5,000 employees have been recognized
as “America’s Greatest Workplaces 2024.”
The desk research was kindly supported by On-
clusive, the leading media monitoring partner
with its world-class sentiment technology
and PrivCo, a service that tracks private company
financial information in a proprietary database.
RANKINGS PLACEMENT _ Placement in the Rank-
ings (defined below) is a positive recognition
based on research of publicly available data
sources from the time period in question.
INTELLECTUAL PROPERTY RIGHTS _ All con-
tent within the rankings (“Rankings”) is the
exclusive property of Plant-A Insights Group
LLC (“Plant-A”). This work, including all data,
analyses and derived rankings, is copyright-
ed under United States and international
copyright laws. Unauthorized use, including
but not limited to the publication, reproduc-
tion, modification, distribution, transmission
or display of any material without the prior
written consent of Plant-A, is strictly prohibited.
NATURE OF THE RANKINGS _ The Rankings are
prepared by Plant-A and reflect an editorial
content piece, based on both primary and
secondary market research. This includes
publicly available data and specific data
provided directly to Plant-A. These Rankings
are published in conjunction with Newsweek
and should be viewed as an editorial work, not
as definitive financial or business guidance.
DATA ACCURACY AND PERIODICITY _ The Rankings
are generated from data sources deemed
reliable and are formed based on a method-
ological analysis of such data spanning the last
24 months. They are inherently a reflection of
historical data and may not include subsequent
developments, unforeseen events or additional
data not covered during the research period.
NO ENDORSEMENT OR QUALITY ASSURANCE _
Plant-A does not endorse nor validate the
business practices or the standing of the
ranked companies. The inclusion or exclusion
of any company in the Rankings should not
be used as a basis for investment, business
or other decisions. All decisions based on any
information presented in the Rankings should
be made in conjunction with other available
information and independent advice.
DISCLAIMER OF LIABILITY
Plant-A, its subsidiaries and their respective
officers, directors, employees and agents
(collectively, the “Plant-A Parties”) disclaim
all liability and responsibility for any errors
or omissions in the Rankings or for any
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By accessing, using or relying upon the
Rankings, you waive all claims and have no
recourse against Plant-A Parties for any alleged
or actual infringements of any rights of any
party, including privacy rights, proprietary
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of uses such as copy that may be deemed to
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disclaimer is intended to be as broad and inclu-
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hereof is held invalid or unenforceable, the
remainder of the disclaimer shall nonetheless
remain in full force and effect. This disclaimer
constitutes the entire agreement between you
and Plant-A regarding the use of the Rankings.
Copyright © 2024 Plant-A Insights
Group LLC. All rights reserved.

24 NE WSWEEK .COM J U LY 1 9 , 2 0 2 4
 Team Citi Trends NYX John Elway Dealerships

TechTarget New York & Company Sage Automotive Interiors Lithia Motors

UM Oxford Industries Sanel NAPA Penske

AerospAce & Defense San Antonio Shoemakers Sumitomo Rubber USA Robert Bosch

Sun & Ski Sports Ultra Manufacturing Servco Pacific

AAR (USA), Inc.
VF Corporation Walser
Aerotech Inc. ZF North America
Auto pArts BAnks
Amentum Automotive & consumer
vehicle retAil
ATI Inc. Accuride Corp. American Savings Bank

Collins Aerospace Interiors BorgWarner Atlantic Auto Group Associated Banc-Corp

Fidelity Technologies Cummins AutoNation Banc of California

GATX Corporation Dakkota Integrated Camping World Holdings Berkshire Bank

Systems
Gulfstream Aerospace CarMax BMO
Denso
HII DCD Automotive Holdings Business First
Flex-N-Gate Corp. Bancshares
ITT Aerospace DriveTime
Gentex Automotive Group C&F Financial
Joby Aviation LLC
Jefferson Industries Faulkner Organization Cape Cod
Linc Logistics Company
Lear Findlay Automotive Group Capitol Federal
Naval Support Activity Financial
Mechanicsburg Manufacturers Gee Automotive Holdings
Industrial Group Citizens Business Bank
Scientific Research Group 1 Automotive
Corporation Michelin City National Bank
Hendrick
Spirit AeroSystems North American Lighting Automotive Group Enterprise Bancorp

Teledyne Technologies

Textron

Unifi Aviation LLC

U.S. Silica Holdings

AgriculturAl proDucts

CHS

AppArel retAil

Ashley Stewart

Designer Brands

Genesco

Soft Surroundings

Sports Endeavors

Stitch Fix
GU LFSTRE AM A EROSPACE ; C A RMA X

TechStyle Fashion Group

Vineyard Vines

Warehouse Shoe Sale

AppArel, footweAr
& Accessories

Carter’s CarMax
Cintas

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Enterprise Financial Marvin Windows Exela Technologies Taher
Services Corporation and Doors
FBG Service Corporation Tech-24
First Financial Bank Owens Corning
GAT Airline Ground Support TeleDirect
First Security Bank Pella
GCR TTEC
Golden 1 Credit Union Sierra Pacific Industries
Harris & Harris Valley Services
Independent Bank Techo-Bloc
Corporation Harvard Services Group VXI Global Solutions
Unified Door &
New York Community Bank Hardware Group Healthcare Linen chemicals & Plastics
Services Group
Peoples Bancorp USG
InfoCision Air Products
Simmons First Building Products
National Corporation distriButors ITG Communications Albemarle Corporation

Texas Capital Bank ITO Incorporated BASF

Builders FirstSource
Washington Trust Bancorp Janitorial Services Celanese Corporation
Ferguson
Washington Trust Bank Janitronics Corteva Agriscience
Global Industrial
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Zions Bancorporation Maximus Huntsman
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US LBM Holdings IDEXX
Morgan Services
White Cap Mississippi Lime Company
10X Genomics
RDI
Business suPPort services New Diversey
Agilent Technologies
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Orbis Corp.
Amgen AAA Landscape Sage Dining Services
Perrigo Company
Battelle Memorial Institute Access Senture
Plastic Ingenuity
Charles River Access DMC Service Management
Systems Plastic Omnium Auto
CPSI Ace Maintenance & Service Exteriors
CSL ServiceMaster Clean
Ace Parking Management ScottsMiracle-Gro
Fibro Gen SmartSource Company
ACP Facility Services
Gilead Sciences State Collection Service State Industrial Products
Afni
Lilly
American Customer Care
Natera
Asplundh Tree Expert Co.
Syneos Health
Building Services
Tempus Labs, Inc. of America

Building Products Clean Team

Coast Professional
Armstrong
World Industries Inc. Compass Facility Services

Atrium Companies Compass Group

CEMEX USA Davey Tree

Expert Company
Chase Industries
Delaware North
Cornerstone
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Engineered Floors DMS Facility Services

Hampton Affiliates Elevated Facility

Services Group
HD Supply BASF
ESS Support
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 Faith Technologies WSP USA, Inc.

Florida Home CommerCial equipment

Improvement Associates & supplies distributors

Fluor
ABC Bus Companies
Gannett Fleming
ADTRAN
Garney Construction
City Electric Supply
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Clark Associates
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Ross Video
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Corporation CCC Group JH Findorff & Son A10 Networks
Woodbridge Corporation John E. Green Bradley Corp
CentralCare
Coal & Mining Keller Builders Specialty
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LINAK U.S.
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Linde
Martin Marietta Materials Classic Floors Ferrazzano Footprint
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Associates (AJK)
Labor Contractors Pepper Construction
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Danella Companies Salas O’Brien Engineers
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Incorporated Daniel G. Schuster LLC Schneider Electric Accelerate360

Andersen Construction Danos LLC Southern Air Bloomberg L.P.

Apex Companies David Evans and TDIndustries Chief Industries

Associates, Inc.
ATANE Consulting TEC Industrial Cox Enterprises
DBi Services
TopBuild Ensign-Bickford
BA SF; A IR PROD UC TS

Atlas
DPR Construction Industries
Baker Concrete Turner
Construction EMCOR Group Henkel (North America)
Turner Industries
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 conSulting

Allied Solutions

APCO

Bain & Company

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Development Alternatives

Georgia Tech

GovCIO

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Public Consulting Group

Retail Merchandising
Solutions
Right Management

Service Management Group

Walgreens
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SSA & Company

Westat
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Voya
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conSuMer ProDuctS
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AMCON Distributing Copart Drug & MeDical retail
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Coty
American Advisors Group AMETEK iHerb
Daktronics
American Financial Aristrocrat Walgreens
Network Delek US Holdings
Curaleaf Holdings eDucation ServiceS
BMW Financial Services Dentsply Sirona Inc.
Hy Cite
Broadridge Financial Genuine Parts Company Arizona State University
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Credit Acceptance Corp. ITG Brands Game Technology
C2
Crosscountry Mortgage Lenox Iron Mountain Child Development
Fairway Independent Lifetime Products Johnson Outdoor Schools
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Mana Products Newell Brands College Works Painting
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Lower
Otter Products Emory
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Research Products Follett
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Movement Mortgage
Reynolds Consumer Companies Georgetown University
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W.W. Grainger Grand Canyon Education
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convenience StoreS Harvard University
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 Lexington Pepsi Midamerica TreeHouse Foods United Airlines
School District 1
Performance Food Food & BEvEragE rEtail UPS
Lincoln Public Schools Group Company
Watco Companies
Maryland Institute Restaurant Depot Daves Marketplace
College of Art Management WEL Companies
Reyes Holdings
MTC Fresh Direct gEnEral rEtail
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Century 21
Oregon Health & United Natural Foods Stewart’s Shops
Science University Savers
Food & BEvEragE ProducErs FrEight transPortation
Saint Louis University hEalth carE distriButors

School Specialty Abbyland Foods Adams Resources & Energy AdaptHealth

Southwestern
Bimbo Bakeries USA, Inc. Atlas Air Worldwide Concordance
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Texas A&M Crete Carrier Corporation Prime Therapeutics
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Integer Holdings
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Mass General Brigham
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Wholesale Grocers MICRO

Breakthru OraSure Technologies

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Owens & Minor
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Teleflex Behavioral Learning Center Intelident Solutions Health Care System
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NOVA Biomedical Christian Lifepoint Health Therapy Management

Home Healthcare Corporation
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Providence
Health & Services AmeriCare Medical

J U LY 1 9 , 2 0 2 4
 AMN Healthcare Services Sunrise Senior Living

ARUP Laboratories Surgery

Aultman Sutter Health

Health Foundation
Team Select Home Care
Aya Healthcare
TeamHealth
Baptist Health
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BAYADA Texas Health Resources

BJC HealthCare UASI Solutions

Boston Medical Center UNC REX Healthcare

BrightSpring Union Health

Health Services
Marriott Vacations Worldwide Universal Health Services
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Care Hospice VetCor Group Holdings
CareCentrix Independent NYU Langone Health
WakeMed
Living Systems
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WellSky
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Children’s Mercy Medical Center OhioHealth
Heavy-Duty veHicles
Children’s Infinity Rehab One Call
National Hospital Excel Industries
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CHOA Healthcare
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Miller Industries
Children’s Hospital Lawrence Memorial
Parallon Business Solutions
Hospital Utility Trailer
Commonwealth PharMerica Manufacturing Company
Care Alliance Liberty Healthcare
Preferred Management Home & electronics retail
Community Care LifeStance Health
Corporation
Physicians
Marshall Medical Center
Premier Health American Furniture
Community Warehouse Co., Inc.
Mayo Clinic
Health Systems Progressive Home
Medcor Health Services City Furniture
Companions & Homemakers
MedPro Providence Healthcare Conn’s
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Floor & Decor
Compassus MedStar Health Quantum Health
Franklin
Cook Children’s Memorial Health Sage Dental
Furnitureland South
Covenant Health Memorial Health Systems ScribeAmerica
Gardens Alive
CoxHealth Scripps Health
Memorial Sloan-Kettering Whirlpool
COOK S CHILD REN ’S; MA RIOT T VAC ATION S WORLDWIDE

Dayton Children’s Hospital Cancer Center Select Medical

Williams-Sonoma, Inc.
ECU Staffing Mercy Senior Care Centers
Health & Rehabilitation Home FurnisHings
Education Affiliates Methodist Health System
Sharp HealthCare
Freedom Healthcare Mission Healthcare Bassett Furniture
Staffing Southcoast Industries
MultiPlan Hospitals Group
Froedtert HNI
National Healthcare Spectrum
HCSC Community Health The Home Depot
Nationwide
Healthesystems Children’s Hospital St. Jude Children’s Hotels, resorts,
Research Hospital casinos & cruise lines
HealthPartners North Mississippi
Medical Clinics St. Luke’s
HealthStream Accel Entertainment
Northwest Stars Behavioral
IBJI Community Hospital Health Group Aimbridge Hospitality

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Al J Schneider John H. Carter

Apple Leisure Group Michigan CAT

Atrium Hospitality MSC Industrial

Direct Company
Capital Vacations
OTC
Cherokee Nation
Entertainment LLC Piedmont Plastics

Churchill Downs TEC Equipment

The Toro Company

Drury Hotels
Velocity Vehicle Group
Emerald Queen
Wagner Equipment
Four Seasons Resort
Maui at Wailea Walters Wholesale Electric
Ashland Inc.
Freedom Health IndustrIal MachInery
Golden Entertainment
Airgas
Grand Hyatt Kauai Apex Systems Robert Half
Resort & Spa BlueCrest
BCForward Select Staffing
Holiday Inn Club Vacations Brunswick Corporation
CGS Global SPI
HVMG Carrier Global Corp.
Cielo Summit Careers
Marriott Vacations Caterpillar Inc.
Worldwide Cisive TalentBridge
CNH Industrial N.V.
Mohegan Delta-T Group TalentBurst
Deere & Company
New York Cruise Lines Educational Data Tech USA
Systems Eaton
Oaklawn Jockey Club Technica
Elwood Staffing Services Emerson
Ocean Properties Technical Engineering
ESS Consultants FARO Technologies
Raymond
Management Company Express Employment Telesearch Fortis Insdustries
Professionals
Riverside Resort Trinet Group Illinois Tool Works
and Casino ICON Consultants
US Tech Solutions ITT
Sage Hospitality Resources Innovative Zenith American Solutions JBT Corporation
Employee Solutions
Stanford Hotels
IndustrIal dIstrIbutors Lincoln Electric Holdings
Corporation Insight Global
Moog
Texas Western Insperity, Inc. A2 Global
Management Partners Electronics + Solutions Trane Technologies
Integrity Staffing Solutions
Valencia Hotel Group Ag-Pro Companies Zeeco
Intellisource
Wynn Applied Industrial
IT BY DESIGN IndustrIal Products
Technologies
huMan resources
& eMPloyMent servIces IT Trail Blazers
Ashland Inc. ABB
Johnson Service Group
Border States Industries Acorn Stairlifts
1st Choice
Management Consulting ManpowerGroup
Butler Machinery Company Acuity Brands Inc
22nd Century Staffing MS Companies C & B Operations Arcadia
Accu Staffing Nesco Resource Dakota Supply Group Arrow Electronics
ACT-1 Group Payroll Processing Digi-Key Corporation Barnes Group
and Personnel
Addison Group Distribution International Berry Plastics
Personnel Services
Allegis Group Graybar Electric Company Charlotte Pipe
Randstad
AllStaff Hilti CMC
Resource
APA Aviation Staffing Employment Solutions Infinite Electronics, Inc. Cognex Corporation

32 NE WSWEEK .COM J U LY 1 9 , 2 0 2 4
 Danaher Crown Equipment Lincoln National Penn National Insurance
Corporation
Engineered National Interstate Primerica
Controls International Donaldson Company Insurance
Principal
Gates EnergySolutions New Jersey
Manufacturers Insurance Priority Health
Hillman Group Engineered Plastic
Components New York Life Root Insurance
Howmet Aerospace, Inc.
Industrial Service Solutions Premera Blue Cross Sentry Insurance
Hydraforce
Sedgwick Shelter Mutual
Hyperion Materials M1 Support Services Insurance Company
& Technologies Trustmark Cos.
MSI Express
Texas Farm Bureau Casualty
Itron UnitedHealth Group Insurance Company
National
Technical Systems Unum Group
Keysight Technologies Texas Mutual
NCH Corporation Western & Southern
Lincoln Industries The Hartford
Financial Group
PTS Advance
Molex USAA
WTW
Stericycle
Nucor Vantage Health Plan
Insurance underwrItIng
Tecomet
Oldcastle Integrated OIl & gas
Building Envelope Tetra Tech Acuity Insurance
Parker Texas Disposal Systems Enbridge
AF Group
Plastek Industries Traffic Management Enterprise
Arkansas Blue Cross
& Blue Shield Products Partners L.P.
Plastic Products UL Solutions
Assurant True Companies
RBC Bearings United Rentals
Regal Rexnord Corp. CareSource Investment BankIng,
United States tradIng & BrOkerage
Environmental Services Cincinnati
Sage Metals
USIC Insurance Company
Depository Trust &
Senior Solutions
Csaa Insurance Group Clearing Corporation
Home Care Waste Connections
Erie Insurance Jane Street Group
Steel Dynamics Waste Industries USA
Genworth Financial Raymond James Financial
Tech-Etch Insurance servIces
Globe Life Ameriprise Financial
Technimark
Allianz Life Insurance Hagerty Insurance Agency Capital Group
Timken Company Company of North America
Highmark CIT Group
Trinity Industries Amica
Independence Edelman Financial
United States Amwins Group Blue Cross (IBX) Engines
Steel Corporation
Asurion Liberty Mutual Holding Invesco
Waters
Auto-Owners Insurance MassMutual LPL Financial
Worthington Industries
Bankers Financial Mercury General Morningstar
IndustrIal servIces Corporation
CareFirst BlueCross Pinnacle Financial Partners
BlueShield Oklahoma Farm
Advanced Bureau Insurance Securian Financial Group
A SHL AN D INC ; R AYM ON D JA ME SFINA NCIA L

Technology Services CCMSI

ARI Direct Auto Insurance

Automotive Elevance Health

Raymond James Financial
Quality & Logistics First American Financial
Aviation Insurance Office of America
Technical Services
Jackson National
Banner Engineering Life Insurance
CECO Environmental Corp. James River Group Holdings

Conservice LLC Kemper

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Southwest Chesapeake Air Wisconsin Driveline Retail
Business Corporation Energy Corporation Airlines Corporation Merchandising

Leisure FaciLities Energy Transfer LP MV Transportation Education Management

Corporation Limited
ONEOK Veterans Transportation
ACAC Fitness and Elevate Services
Wellness Centers Sempra PharMaceuticaLs
EXP Global
Genesis Health Clubs Southwest
Gas Corporation Bayer Faegre Drinker
Healthtrax International
Williams Companies Boehringer Ingelheim Hammel, Green
Life Time Pharmaceuticals and Abrahamson
Packaging & containers
Santa Cruz EXACT Sciences Hawaii Pacific Health
Beach Boardwalk USANA
Aaron Thomas Company Hill International
Logistics services ProFessionaL services
Avery Dennison HMSHost

APL Logistics Crown Holdings Holy Cross Hospital

ABM Landscape
Graphic Packaging & Turf Services Impact Networking
Burris Logistics
International
Acosta InfoSync Services
Capstone Logistics LLC
Menasha Corporation
Alaska Native Insight Enterprises
Hospital Couriers
Sealed Air Corporation Medical Center
Infor Intermountain Health
Sonoco Products Company American
ITS Logistics Addiction Centers iQor Holdings
Taghleef Industries
Lineage Logistics Arkansas J.J. Keller & Associates
WestRock Children’s Hospital
Holdings
J.Jill
PaPer ProDucts Ascensus
Park Place
Jackson Lewis PC
Castle Metals
Peoples Services
Finch Paper Jones Day
Corporation Service
RGIS
International Paper Company Kirkland & Ellis LLP
Shippers Warehouse
Kimberly-Clark Crossmark Library Systems & Services
Transportation Neenah Daifuku Management Concepts
Insight Holding
Paper Source Daimler Trucks Markel
Veho Tech, Inc. North America
Passenger transPortation Master Lock
Warehouse Specialists Debevoise & Plimpton
Mayer Brown
Meat, PouLtry & Fish Academy Bus DLA Piper LLP
Mercer
Fieldale Farms Corp. Morgan & Morgan
Leggett & Platt, Bayer Myers and Stauffer
Incorporated
Nationwide
Mountaire Marketing Group
Pilgrim’s Pride Nemours
Children’s Hospital
oiL & gas DriLLing,
exPLoration & ProDuction Northside Hospital

Novanta
Continental Resources
Ohio Presbyterian
oiL & gas Retirement Services
equiPMent & services
Pinnacle Group
TechnipFMC plc
Production
oiL & gas reFining, Resource Group
storage & transPortation
Reed Smith LLP

Archrock RSM US

34 NE WSWEEK .COM J U LY 1 9 , 2 0 2 4
 Ryan HRI Properties

SADA JLL

SAIC John L. Scott, Inc.

St. Vincent’s Development Maximum

One Realty Georgia
Stamps.com
MRD Apartments
Tailored Brands
MSC
Takeda Pharmaceutical
Pearson Smith Realty
Toshiba US
Real Estate One
UMass Medical School
Weyerhaeuser
Unity Health
Renewable electRicity & Fuels
URC

USPS SunRun
Kimberly-Clark
Vanguard Resources Residential constRuction

Veterinary
Practice Partners Clayton Homes
TC Global Spire Inc.
Wildlife Conservation Society Direct Supply Incorporated
TEAM Schostak Texas Instruments
Wood Group RestauRants Family Restaurants
TTM Technologies
World Wide Technology The Old Spaghetti Factory
Alamo Drafthouse soFtwaRe & inteRnet seRvices
Publishing Cinemas Holdings Wingstop Restaurants
American Bread Company [24]7.ai
Adams Communications secuRity & alaRm seRvices
Company Bloomin’ Brands Abrigo
Deseret Management Carrols Restaurant Group AX9 Security Services
Accolade
Corporation DePaul Industries
Daland ACI Worldwide
Insider Safe Haven Security
Dine Brands Global Acorns
Lee Enterprises Securitas
Fado Irish Pub Adobe
Electronic Security
SAGE Publications
Flynn Restaurant Group Amelia US LLC
Security Engineers
Scholastic
Good Food Restaurants AppFolio
Security Industry
Real estate GPS Hospitality Specialists Applied Systems
Hamra Enterprises Security USA Aspire Systems
Boston Properties
Hogsalt Management United Security Aurora Innovation
Capital Title of Texas
Hospitality semiconductoRs & Autodesk
Compass semiconductoR equiPment
Restaurant Group
Cushman & Wakefield Automattic
Inspire Brands
Benchmark Electronics Baptist Healthcare System
Extra Space Storage Johnson Partners
Broadcom Businessolver
Fairfield Residential Pappas Restaurants
Entegris C3 AI
Gates Hudson Red Robin Gourmet Burgers
Infineon Technologies Cadence Design Systems
General Services Restaurant
Corporation Management Group Lam Research Calero
Corporation
BAYE R ; KIMBERLY-CL ARK

Greystar Real Estate Restaurants Unlimited CaptionCall

Partners Plexus
Ruth’s Hospitality Group Certinia
Hallkeen Management Qorvo
Saint Louis Bread Catering Cincom Systems
Harbor Group Management Sanmina
Saputo CIOX Health
Harbor Retirement SolarEdge
Associates Sun Holdings Technologies, Inc. Citrix Systems

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Clarivate Analytics Plc

Comtech

ConnectWise

Cox Automotive

CrowdStrike Holdings

Cvent

Definitive Healthcare

Deluxe Corporation

DoorDash

ECi Software Solutions

Entertainment Partners

Environmental Systems
Research Institute, Inc.

Epic Games
DoorDash
Faire

Faithlife

Fareportal
LexisNexis Risk Solutions SS&C Technologies CIBT Global
FinThrive Holdings
Lumen Technologies Community
Forcepoint StockX Health Associates
Manhattan Associates
Fortinet Stride CSC ServiceWorks
Mercado Labs Delta Defense
Gartner Tebra Technologies
M-Files Driven Brands
Gen Digital, Inc. TelaDoc Health
Mitchell International Enterprise Holdings
H1 Insights TELUS
MRI Software Heartland
HealthPlan Services Tradeweb Markets LLC
Netsmart Technologies HSMC
HHAeXchange Udemy
Nuance Institute For Applied
Homecare Homebase Unite USA
Communications Behavior Analysis
Hudl Valve
OpenX Technologies Mavis Discount Tire
Icertis Vertex
Premier Pasco
iCIMS Vmware
Purple Communications Safeguard Properties
ID.me WEX
Quest Software Specialty Finance
Illumio Yext
Rapid7 Inc.
Impact Tech Zendesk BGC Group
RetailData
Infogain Ziff Davis Dolex Dollar Express
Sabre Systems
Informatica Empower
Salesloft Specialized
conSumeR SeRviceS Financial
Information Builders, Inc.
SAP Recovery Services
Integra Connect Allison Transmission Inc.
SAS Florida Blue
Intuit Batteries Plus
Siemens Digital MoneyGram International
IQVIA Industries Software Behavioral, Education PFM
Assessment and Consultation
Itransition Softpath System
of Connecticut United Cos.
Klaviyo SoftServe
Bright Horizons Specialty Retail
Knowledge Services Softvision Family Solutions

LegalZoom Solutionreach CareGivers Blain Supply

36 NE WSWEEK .COM J U LY 1 9 , 2 0 2 4
 Chewy Direct Mail Processors Oasis Systems Webflow

Dick Blick Holdings DXC Technology Parsons Corporation TelecommunicaTion ServiceS

EZCORP Equitable LLC Peraton Corporation
Bandwidth
First Cash Flex Technology Group Persistent Systems
CommScope
FTD Group Foundever Publicis Sapient
Concentrix
Ganz g2o REI Systems
Mediacom Communications
James Avery GDT Restaurant
Craftsman Technologies TCC Wireless
ICF
Lakeshore Rose International Telephone and
Learning Materials ICONMA
Data Systems
Sage IT
Lippert Components Infoblox
SailPoint TexTileS
Melissa & Doug Information Systems
and Networks ServiceNow
American&Efird
Technology ServiceS IntelliswiftSoftware SoftwareONE
Corning
IT Coalition Sutherland
Abacus Technology uTiliTieS
Global Services
IT Convergence
ActioNet
SystemSoft
iTech Technologies Alliant Energy Corporation
ADP
Jack Henry & Associates Tangoe American Electric
Agilant Solutions Power Company
LanceSoft Tavant Technologies
Americaneagle.com Arizona Public
Leidos Tech Data Service Company
Apexon
Magic Leap TEKsystems CMS Energy Corporation
Arista Networks
Management Thales Consolidated Edison Inc.
BairesDev
Science Associates
Booz Allen The ASCII Group CPS Energy
Marco Technologies
CAI United States Dominion Energy
Micro Focus
Information Systems
CarahsoftTechnology Edison International
Milestone Technologies
Corporation UST Global
Energy Future Holdings Co.
Nelnet
CGI Verint Systems
Exelon
NetApp, Inc.
CGS Verisk Analytics
FirstEnergy Corporation
New Era Technology
Charter Global Veterans Enterprise NextEra Energy
NJVC Technology Solutions
COCC
NorthWestern Energy
Cognizant
NRG Energy
CompuCom Systems
PPL
Compunnel
SoftwareGroup Public Service
Enterprise Group
Computer
Design & Integration Schlumberger

Computer Enterprises Southern Company

Consulting Solutions TECO Energy

ConvergeOne LLC WEC Energy Group

CSAT Solutions vehicle manufacTurerS

CTG
DOORDA SH; A DOBE

Forest River
Customer
Engineering Services Horizon Global

CyberArk Adobe REV Group

Digital Management Rivian Automotive

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 Horizons S C I E N C E , T E C H N O l O G y + H E A lT H

HAllDOR KOlBE IN S /A FP/GE T T y; TOP RIGHT: STuA RT C . WIl SO N/GE T T y

GREEN INVESTMENT
Opened in May with money
from tech companies,
Climeworks’ Mammoth
plant in Iceland works as
a vacuum cleaner for CO2.

38 NE WSWEEK .COM J u ly 1 9 , 2 0 2 4
“It’s such an important role...my hair turned white.” ▸ P.52

ENVIRONMENT

A Step
on the Gas
The world’s biggest tech companies are plowing
millions into carbon dioxide removal in a bid to
curb climate change, but is it enough?

Tech gianTs including MicrosofT, MeTa,
Alphabet and Salesforce are pouring more
money than ever into climate solutions designed
to pull carbon dioxide directly from the air.
The multimillion-dollar investments are
the latest moves by high-tech leaders to boost
the small but growing field of carbon dioxide
removal, or CDR, as they seek to meet ambitious
climate goals while consuming mind-boggling
amounts of energy.
“We need carbon removal as an insurance policy,”
Salesforce’s lead on carbon removal, Jamila Yamani,
told Newsweek. Salesforce recently announced
$25 million for the CDR investment company Fron-
tier to make sure carbon removal technology will
be ready when needed.
“It’s going to require early investment today in
order for us to have it available to use
later,” Yamani said.
Other recent announcements included
nearly $49 million in CDR purchases by
JEFF
Frontier on behalf of tech companies, and YO U N G
a pledge by Microsoft to buy millions of
carbon removal credits for reforestation—a deal
that the company called the world’s largest such
transaction to date.
The funding announced will support tree-plant-
ing projects in Latin America and a carbon-capture
addition to a biomass energy facility in Sweden,
demonstrating the broad range of CDR approaches
that tech companies are backing.
Previously, tech companies have invested in
some carbon removal machinery that seemed like
the stuff of science fiction just a short while ago but
has now grown to commercial application.
The Swiss company Climeworks used millions
of dollars from tech companies to take its carbon
removal technology from a lab experiment 15 years
ago to the world’s largest direct-air carbon removal
facility unveiled in May.
Climeworks’ Mammoth plant in Ice-
land, its second commercial-scale facil-
by
ity, uses that country’s abundant and
carbon-free geothermal energy to power
what is basically a very large, sophisti-
cated CO2 vacuum cleaner. The company

NE WSWEEK .COM 39
Horizons
expects Mammoth to pull 36,000
tons of CO2 from the air each year
and sequester it underground.
Climeworks Vice President for
Client Solutions Adrian Siegrist
said there are three main reasons
that tech companies are the biggest
early supporters for his company
and other CDR work.
“ O n e , t h e y t h e m s e l ve s h ave
massive pressure to decarbonize,”
Siegrist told Newsweek. “That pres-
sure has even increased with the
entire AI revolution.”
Training and operating large arti-
ficial intelligence models requires
much greater computing power, and
that means more data centers and
more electricity to power and cool
them. A recent projection by the
Electric Power Research Institute
said that by the end of this decade,
data centers could consume up to 9
percent of all electricity produced in
the U.S., double what they use today.
Second, Siegrist said, the culture
of tech companies matches well with
the pioneering nature of CDR work.
“These companies are used to inno-
vation,” he said. “So, it is kind of a
natural fit for them to look with the
same lens at the climate space.”
ENVIRONMENT
And third? Well, money. Tech com-
panies have the resources to make
things happen as CDR companies try
to scale up. Climate scientists say that
in addition to rapidly cutting emis-
sions and ramping up clean energy,
the world must also find ways to draw
down the excessive CO2 we have been
putting into our atmosphere.
“Carbon dioxide removal as a strat-
egy for solutions on climate change
is a really important piece of the
puzzle,” Rhodium Group partner
John Larsen told Newsweek. Rho-
dium, an independent research firm
with a focus on energy and climate
change, produced a major report
earlier this year on the status of CDR
methods. Its bottom-line finding:
CDR needs to grow.
“The U.S. alone is going to need
about a billion tons of carbon dioxide
removal by mid-century,” Larsen said.
Rhodium research found that the U.S.
is on a path to remove only about 50
million tons of CO2 by 2035.
“We have a long way to go,” he said.
REGROWTH Microsoft’s deal
with BTG Pactual Timberland
Investment Group will contribute
to reforestation in Latin America.
Blending Trees and Technology
Rhodium’s report on carbon removal
covers CDR efforts across a spectrum,
from nature-based solutions such
as forestry and agriculture to the
futuristic technology of Climeworks’
Mammoth project.
“There’s a lot of different ways to
do this,” Larsen said, and each has its
own costs, tradeoffs and environmen-
tal effects to consider. “Natural solu-
tions tend to be fairly affordable and
ready to go, commercially,” he said,
but nature’s path to carbon removal
can be harder to measure.
There’s also a plan to use nature
to draw down CO2.
Microsoft made a deal with BTG Pac-
tual Timberland Investment Group for
up to 8 million nature-based carbon
removal credits through 2043. Those
credits will be generated by Timber-
land Investment Group’s $1 billion
reforestation work in Latin America,
the companies said in a statement.
Brian Marrs, Microsoft’s senior
director of energy markets, told
Newsweek that nature-based solutions
are an important part of the compa-
ny’s climate goals and will represent
about half their CDR purchases.
“We will not realize a smooth tran-
sition to a low-carbon economy with-
out nature-based solutions,” he said.
The carbon credit market for
forestry projects has been a fraught
area for many companies, and many
projects to plant or protect trees were
found to be falling short of climate
goals. “Our confidence in this area of
carbon dioxide removal has grown as
the market has matured,” Marrs said.
Environmental NGO and non-
profit Conservation International
will offer advice on environmen-
tal impacts to make sure the tree
planting and restoration work fits
with other goals such as protection
of biodiversity.
J U LY 1 9 , 2 0 2 4

Microsoft and BTG Pactual both
appear on Newsweek’s rankings of
responsible and trustworthy compa-
nies. BTG Pactual, based in Brazil, was
44th in the financial services sector
in Newsweek’s ranking of the World’s
Most Trustworthy Companies 2023.
Microsoft is fifth among software &
telecommunications entries on News-
week’s list of America’s Most Respon-
sible Companies 2024.
Frontier’s latest CDR purchases
blend nature and technology. The
company formed in 2022 with back-
ing from tech firms Alphabet, Meta,
Shopify, Stripe and others with the
goal of providing demand for the
FROM LE F T: COU RTE SY OF TIG; JOHN M OORE/G E T T Y IMAGE S
nascent CDR industry.
Hannah Bebbington, Frontier’s
head of strategy, told Newsweek that
“Carbon dioxide
the company has just completed a
contract with Stockholm Exergi, a
company that burns waste timber
products to provide heat and energy
for the city. Under the deal, Exergi
will add technology for carbon cap-
ture and storage to its facility.
“This bioenergy facility will capture
all of the carbon that it was originally
going to emit and we buy that as car-
bon removal,” Bebbington explained.
She said Exergi will be able to capture
about 800,000 tons of carbon a year,
and rigorous oversight by Swedish
authorities will ensure the integrity
of the carbon removal process.
Salesforce, which is 35th in the soft-
ware & telecommunications sector
in Newsweek’s list of America’s Most
Responsible Companies 2024, said its
$25 million for Frontier is a step toward
meeting a $100 million funding goal.
Salesforce’s Yamani said that each
CDR project that companies support
does more than just remove some
CO2, it also helps pave the way for a
bigger carbon removal industry.
removal as a strategy
for solutions on
climate change is a
really important piece
of the puzzle...We
have a long way to go.”
LEADING CHANGE Fans and filters at
Mammoth extract CO2, pumping it deep
into Iceland’s bedrock. Annually, it will
capture up to 36,000 tons of CO2.
“We want to drive innovation at
scale, we want to accelerate these tech-
nologies,” she said.
The other important metrics she’s
watching include how many new proj-
ects advance toward commercializa-
tion and how many new buyers take
part in the CDR market.
Scaling Up Carbon Removal
Despite big tech’s enthusiasm for
CDR projects, Rhodium’s report
demonstrates that these investments
pale compared to the scale that many
scientists say will be needed.
“It is unlikely that the private sector
is going to rise to the occasion here
completely,” Rhodium’s Larsen said.
“We really do see a role for additional
government policy.”
There are some early indications of
government support. In May, the U.S.
Department of Energy announced
finalists in its contest for CDR projects
to receive government funding. They
include Climeworks, which plans its
first U.S. project, Cypress, in Louisiana.
Larsen said the early CDR invest-
ment by tech companies has helped
raise the profile of a set of climate solu-
tions that have been underappreciated.
“It’s one of the only options we have,
in the long run, to reduce atmospheric
concentrations of CO2,” he said. “It
should be just as important as building
more clean electricity and electrifying
transportation and all the other things
that people think of when they think of
how to solve climate change.”
▸ Jeff Young is environmental
sustainability and governance editor
at newsweek. Contact him at
j.young@newsweek.com
NE WSWEEK .COM 43
From Small Giants to Global Champions: Korean Suppliers
in Ideal Position to Benefit from Supply Chain Realignment
30%
South Korea accounts for approx. 30%
of global LiB Patent Asset Index (2023)
To many, the global supply chain has entered a
new era. Not so long ago, manufacturing groups
designed their production networks by priori-
tizing price efficiency, leading to supply chains
that expanded across countries and continents.
In recent years, however, a combination of
supply-side disruptions, geopolitical tensions
and advanced technological breakthroughs
have forced companies and governments to
rethink the architecture of global trade.
While America’s landmark policies, such as the
Inflation Reduction Act (IRA) and the CHIPS Act,
have grabbed headlines, most major economies
passed similar policies, with common objectives
like bringing strategic industries onshore and
prioritizing suppliers from “friendly countries.”
The current period of transition will bring
about both winners and losers. Amid this pe-
riod of transition, one country’s suppliers find
themselves in an ideal situation: South Korea.
Having established a robust track record
over the past decade by supplying domestic
multinationals, Korean firms are positioning
themselves as alternatives of choice to replace
traditional suppliers for the creation of supply
chains compliant with each country’s policies.
Furthermore, Korean suppliers have his-
torically competed on three core advantages:
flexibility, fast delivery and the adoption of
disruptive technologies. In an era where tech-
nological advancements converge with supply
chain realignment, agility and speed have never
been more in demand, leading the country’s
suppliers to expand across industries.
Secondary Batteries
The battery sector, essential to a growing num-
ber of applications from EVs (electric vehicles) to
renewable energy, is first on the list. The afore-
mentioned IRA, in particular, has spurred Korean
investments in the battery sector and presented
companies with opportunities. Lim Jonghyun,
president of A-PRO, a leader in battery activa-
tion equipment, argues: “North America is poised
to heavily invest in EVs. Thanks to the IRA, we’ve
managed to sidestep direct competition with
Chinese counterparts.”
Korean groups like LG Energy Solution and
Samsung SDI are pivotal in this evolving land-
scape as they look for domestic suppliers to
enhance cost-efficiency and meet regulatory re-
quirements. “We’ve been actively engaged in pilot
services for Hyundai Motors and are collaborating
on solid-state battery development,” explains Mr.
Lim. This collaboration underscores the synergy
between major Korean conglomerates and sup-
24%
South Korea represents 24.4% of the global
semiconductor production market (2022)
pliers, enabling the latter to build a track record
with major groups before expanding globally.
James Choi, president of KEMCO, a subsid-
iary of Korea Zinc Group, sees opportunities in
the production of nickel sulfate and precursor
cathode active materials (pCAM), which are
vital for battery manufacturing. Despite South
Korea’s strengths, it heavily relies on Chinese
producers for these materials. Mr. Choi states:
“Our primary mission is to address this gap...
Once we fulfill this mission by around 2028-29,
we will pivot towards international expansion.”
Investors were quick to take notice of this
positive situation, sending Korean stocks soar-
ing throughout 2023, with cathode producer
Ecopro recording a +500% return. Although
2024 saw a downturn due to slower EV sales,
the long-term prospects for Korean battery
companies remain promising. South Korea is
poised to lead in R&D, with patent analysis
from IAM media indicating that South Korean
firms will soon outpace Chinese, Japanese
and U.S. companies in both the quantity and
quality of lithium-ion battery (LiB) patents.
Semiconductors
The semiconductor industry is another area
where Korean suppliers face major opportuni-
ties. The CHIPS Act aims to bolster domestic
semiconductor production in the United States,
creating new dynamics in the global supply chain.
A case in point is NextIn Solutions. Having
successfully localized various wafer inspection
technologies, the company is now set to break
the monopoly that KLA, a global leader in yield
management systems, enjoys in the dark field
inspection market, a technology utilized for
the defect inspection of a large number of
wafers. “Our growth strategy revolves around
acquiring a substantial share of KLA’s market,”
explains Chris Park, CEO of NextIn. “We are
aiming for a share of 30 percent.”
Here again, the collaboration with Korea’s
leading semiconductor conglomerates has pro-
vided suppliers with a decisive advantage. Kang
Doo-Hong, president of ASFLOW, which provides
high-purity components such as valves, pipes
and fittings to major foundries, emphasizes that
working with those conglomerates has allowed
the company to achieve reliable delivery and
competitive pricing. “Chipmakers are fostering
competition with overseas suppliers to drive
down overall costs,” says Mr. Kang. “This com-
petition elevates the technological proficiency of
domestic suppliers, enabling them to meet global
standards and expand their market presence.”
6th
in IMD’s 2023 World Digital
Competitiveness Ranking
Lee Dong-cheol, CEO, Hana Micron
To successfully expand, Mr. Kang notes the
importance of local partnerships: “Securing
reliable local partners is paramount. While
localization aids in market penetration, listen-
ing to partners’ needs and ensuring prudent
investment in shared ventures are essential
to sustain long-term partnerships.”
Lee Dong-cheol, CEO of Hana Micron, South
Korea’s largest outsourced semiconductor
assembly and test (OSAT) enterprise, also
echoes this opinion: “As Samsung and SK
Hynix expand into Western markets, they
seek to bring their OSAT partners along.” In
turn, this situation has provided the company
with a local footprint to reach local partners.
“Hanamicron is expanding its portfolio by
engaging with U.S.-based fabless companies
such as NXP or Microchip Technology.”
Leveraging Digital Transformation
To further expand across industries, Korean firms
can count on a hidden ace: the country’s advanced
IT environment. In IMD’s 2023 World Digital
Competitiveness Ranking, South Korea ranked
sixth globally, its best position to date.
Having access to this advanced digital ecosys-
tem has enabled enterprises not just to compete,
but to disrupt traditional sectors. Notable ex-
amples are found in the automotive field, where
Charles Bang, president of Dongseo Machine &
Tools, a leader in aluminum die casting that counts
Hyundai among its clients, has made the adoption
of AI-based quality control a key factor in its
development of giga casting technologies. “While
our core expertise remains rooted in precision
machining and casting processing, what sets us
apart today is our commitment to infusing intel-
ligence into these processes,” he explains. “Our
focus has evolved to encompass the integration
of smart technologies within our operations,
thereby enhancing efficiency and productivity.”
In turn, the growing adoption of digital tech-
nologies across industries is creating opportu-
nities for components and material suppliers.
Such has been the experience of Novatech, which
produces industrial magnets key to the creation
of AI-enabling hardware. “As we transition to
the era of autonomous vehicles equipped with
advanced AI functions, the importance of con-
trollers, sensors, motors and other mechanical
and electric parts will increase,” explains Oh
Choon Teak, Novatech’s CEO. “With the shift
to motor-powered vehicles, the demand for
magnets, which we produce, is steadily rising.”
While manufacturing firms are often criti-
cized by industry experts for their limited
utilization of digital tools, many Korean sup-
pliers have made the adoption of smart tech-
nologies a cornerstone of their R&D strategies.
A case in point is KORLOY, one of Korea’s
leading cutting tool specialists, which created
a pilot line to freely experiment with novel
processes. “Unlike the manufacturing section,
where implementing new IoT equipment could
disrupt production cycles, the pilot line oper-
ates independently, granting us the freedom
to explore different digital solutions,” explains
President Junghyun Yim. “This experimentation
paves the way for insights that can potentially
minimize future failures when integrating such
technologies into the manufacturing domain.”
Despite having limited resources relative to
larger firms, advanced automation systems have
allowed Korean SMEs to extend their product
portfolios. DaeHan Precision Industry, an SME
specialized in hydraulic hose fittings for the con-
struction machinery sector, offers a striking case
study. “Our competitiveness rests on three key
factors,” explains President Kim Oh Gon. “First is
productivity and automation. We’re pioneers in
adopting robots in our assembly lines and plan
to introduce 39 robot lines by 2027. Second is
material development… Third is high-mix, low-
volume production, allowing us to manufacture
multiple products in low volumes from our smart
factories.” Despite its small size, the company
offers over 3,500 products, enabling it to tailor
their offering to each client’s needs.
Korean suppliers’ eagerness to adopt digital
tools has also created a fertile environment for
start-ups and innovative ventures, which can
swiftly find practical applications for frontier
technologies. Choi Chi Won, president of P&C
Solution, a leading developer of XR simulations
for the defense, medical and education fields, sees
potential in the manufacturing sector. “Developers
in smart factories can input information on error
resolution using AR or VR into the system. This
allows individuals to undergo pre-emptive training
through shadowing. Subsequently, when faced
with a real issue on-site, workers can apply the
learned solutions from AR or VR,” he explains.
As the industrial world embraces a new
era of technological innovation and supply
chain shifts, the demand for flexibility, speed
and disruptive technologies has never been
higher. Fortunately for Korean suppliers, these
strengths have defined their success over the
past decades, leading us to ask the question:
are Korean suppliers on the verge of transform-
ing from small giants into global champions?
Shaping the Digital World
Through Tech Innovation
Metalense 2 (XR glasses)
A Korean company founded in 2015, the smart glasses manufacturer P&C
Solution has ambitious plans for growth in the AR/XR sector.
A Korean manufacturer that specializes in aug-
mented reality (AR) and extended reality (XR)
technology, P&C Solution is a small to medium-
sized enterprise with a clear mission statement.
“At P&C Solution, ‘P&C’ stands for ‘Positive’
and ‘Creative,’” President Choi Chi Won explains.
“We want this name to be a reflection of our
company: a gathering of positive and creative
individuals who are actively shaping the digital
world through technological innovation.”
P&C Solution’s flagship product is its Met-
alense smart glasses, which draw on optical “We aim to create smart glasses
technology developed by the company to offer
the brightest and clearest display among AR/
that are compact, lightweight and
XR glasses worldwide. powerful, capable of enhancing
Metalense’s opening model won an Inno- people’s capabilities while ensur-
vation Award at the prestigious Consumer ing comfortable wear.”
Electronics Show (CES) in 2023—and has
now been followed by a new iteration. Unveiled Choi Chi Won, President,
this year, Metalense 2 offers improvements P&C Solution Co., Ltd.
such as enhanced outdoor visibility, extended
battery life and greater comfort for the wearer.
P&C Solution’s glasses have applications in a
wide range of industries. “In the medical field, for
example, they’re used for dental implant surgery,” www.pncsolution.co.kr
Mr. Choi says. “They can calculate the 3D space giant Qualcomm, which provides the central
or gap between the drill tip and dental nerves. processing unit (CPU) in Metalense glasses.
This aids dentists in performing safer surgeries.” “Collaborating with renowned international
The firm also boasts a growing portfolio of brands allows us to prove ourselves, gain valida-
defense clients. “Following our recognition at CES, tion and raise our brand awareness,” Mr. Choi
a U.S.-based company reached out to us, express- says. “Despite being a small company, we have
ing the need for our glasses in repairing U.S. Air immense potential to produce outstanding prod-
Force aircraft,” Mr. Choi reveals. “For instance, an ucts. Through collaborative efforts with the U.S.,
individual wearing the glasses can identify a bolt I’m confident we can unleash our full potential.”
that isn’t securely fastened in an aircraft.” For Mr. Choi, the goal is international market
Along with Europe, North America is a major domination: “My hope is that in five years’ time,
focus of P&C Solution’s efforts to strengthen we’ll have developed top-tier glasses surpassing
its global presence. As part of this drive, the the standards set by Meta and Apple. I aspire
manufacturer has partnered with the U.S. tech for P&C Solution to emerge as the global leader.”
Semiconductor Sector’s Perfect Partner
A Korean company that has enjoyed impressive growth—and has ambitious plans for continued expansion—NextIn
supplies top-quality defect detection equipment to semiconductor manufacturers.
Founded in 2010, the Korean
company NextIn Solutions pro-
vides high-quality defect detec-
tion and metrology technology
to semiconductor manufactur-
ers at home and abroad. Based
in Hwaseong, the firm supplies
dependable systems that cover
bright-field and dark-field wafer
inspection, and offer solutions for
2D and 3D semiconductor manu-
facturers. NextIn’s technology
guarantees a high defect capture
rate and works quickly—help-
ing its customers to carry out
efficient, effective production
processes that result in excellent
semiconductor yields.
A company that has worked
hand in hand with major names
in the tech industry —such as
Intel, Samsung and SK Hynix—
NextIn has enjoyed impressive
sales growth in recent years.
Indeed, the firm’s revenue
rose by 103 percent between
2021 and 2022. This increase
is thanks, in no small part, to
a versatile product range that
is helping to fill a void that ap-
peared in the marketplace just
under 15 years ago.
“An interesting shift occurred
in 2010, when the wafer inspec-
tion systems company AMAT
exited the dark-fi eld industry,”
NextIn CEO Chris Park recalls.
“This left another company,
KLA, with a complete monopoly.
However, device makers pre-
fer a competi-
tive market,
avoiding
depen-
dence on
a sole ven-
dor. Rec-
ognizing
the need to
break this
monopoly, NextIn has ventured light. Given the important spite es-
into the dark-field equipment ro l e t h a t E U V tablishing
market, aiming to compete with lithography has positive
KLA.” to play in the business
Among NextIn’s flagship f u t u re o f t h e relations
defect detection technology semiconductor with Japa-
is the AEGIS Series—innova- industry, this is nese com-
tive, cost-effective 2D imag- a project of panies pre-
ing equipment that uses both no little C OV I D - 19 ,
bright-field and dark-field il- signifi- the pan-
lumination. “AEGIS wafer in- cance. demic sev-
spection systems can detect A next- ered these
not only pattern defects like generation ties. However,
bridges, thinning, protrusion production To s h i ba re c e n t l y
and footing, but also scratches method, reinitiated contact,
and particles in film, pattern- the EUV and we are currently en-
generation, planarization, ion process will al- gaged in discussions.”
implantation and cleaning pro- low manufacturers As he looks to the future,
cesses across all semiconduc- to continue to deliver AEGIS Mr. Park backs NextIn to en-
tor manufacturing sequences, chips of unprecedented joy continued growth, as long
resulting in a superior return on power and energy efficiency, in as it remains a firm that loves
investment for its customers,” turn enabling the cutting-edge the work it does—and crafts
the company says. technology that we use in our products that inspire the same
In the area of 3D wafer daily lives, such as smart cars, emotion in its customers. “At
manufacturing, meanwhile, phones, watches and homes. NextIn, we have a slogan that
NextIn has developed the IRIS On top of the versatility of its encapsulates our vision: to be a
inspection system. Using the technology, NextIn’s rising rev- company where employees ar-
firm’s patented Multiple Off- enue has come down to the com- rive at work with a smile, and
focus Image Process Technol- pany’s steadfast commitment to where children take pride in
ogy, IRIS detects defects in 3D strengthening its presence out- their parents working for us,”
manufacturing environments side of South Korea. “From 2020 the CEO declares.
such as high aspect ratio (HAR) to 2023, our growth was signifi- “I consistently convey to my
wafer production and through cantly driven by the Chinese mar- team that while NextIn may
silicon via (TSV) processing. ket,” Mr. Park explains. “And now, not be the largest company
beyond 2023, we are strategically globally, we can strive to be the
“Our growth strategy working towards expansion in the best. Achieving this goal would
revolves around U.S. and Japanese markets.” bring me immense joy. What I
acquiring a substantial In Japan, NextIn’s plans for mean by this
share of 30 percent international advance- is, while
ment have come we may
in the dark field up against a clash not pro-
inspection industry.” in business cul- duce prod-
tures—but are ucts on the
Chris Park, now steadily pro- scale of
CEO, NextIn Solutions AEGIS
gressing, despite BMW or
What’s more, NextIn’s custom- being in- Ferrari, we
ers can now complement both AE- terrupted can aspire
GIS and IRIS by equipping them by the to create
with an integration module known pandemic. something
as KROKY (formerly TWINS)—a “The Japanese akin to the
newly developed device which market tends beloved Beetle.
oversees edge trimming, identify- to be con- Many people ex-
ing cracks and chips. servative,” perienced genuine
As part of its continuous ef- Mr. Park says. happiness driving a
forts to bring through state-of- “ W h i l e Ko re a i s Beetle. I aspire to build a
the-art defect detection tech- often associated with company that brings such joy
IRIS
nology, NextIn is also working the tagline ‘dynamic Ko- to people’s lives.”
on charge removal equipment rea’ upon arrival at Incheon
that can eliminate harmful Airport, signifying its readiness
static electricity from chip to explore and adopt new equip-
production systems that use ment, Japanese clients exhibit
extreme ultraviolet (EUV) a more cautious approach. De- https://nextinsol.com/en

ASFLOW: Driving Semiconductor Innovation
ASFLOW, a Korean company specializing in Ultra High Purity technology, leverages decades-long partnerships
and strategic expansions to navigate global challenges and opportunities in the semiconductor industry.
The success of Korean conglomer-
ates has had a positive trickle-down
effect on domestic suppliers, provid-
ing them with growth momentum
and core capabilities. However, in re-
cent times, an increasingly saturated
and competitive domestic landscape
has necessitated a global outlook
for continued growth. ASFLOW, a
Korean company specializing in Ul-
tra High Purity (UHP) technology, is
navigating this complex landscape
with remarkable dexterity.
Founded in the early 2000s,
ASFLOW was the first company
in South Korea to localize tubes,
pipes and fittings for the semicon-
ductor industry. Over the years, the
company has expanded its product
line to include valves and filters,
thereby providing comprehensive
process gas supply solutions for
major players like Samsung and
SK Hynix. ASFLOW’s holistic ap-
proach, which spans from basic
components to advanced modu-
larized systems, positions it as a
crucial player in the global semi-
conductor supply chain.
Tubes and pipes
Kang Doo-Hong, president of
ASFLOW, emphasizes the com-
pany’s commitment to quality and
innovation. “Our collaboration with
Samsung over two decades has
endowed us with expertise and ex-
perience, facilitating our penetra-
tion into the challenging process
equipment sector,” says Mr. Kang.
This long-standing partnership has
not only fortified ASFLOW’s mar-
ket position but also underscored
its potential to engage with global
giants like Applied Materials, Lam
Research and TEL.
In 2018, ASFLOW achieved
registered partnership status with
Applied Materials, followed by Lam
Research in 2022. These milestones
highlight ASFLOW’s growing influ-
ence in the semiconductor sector.
“Anticipated encounters with Texas
Instruments, Intel and TSMC, as
they onshore their plants, are on the
horizon,” notes Mr. Kang, reflecting
on the future opportunities for AS-
FLOW in the global market.
Despite the promising outlook,
ASFLOW faces significant chal-
Diffusers
lenges, particularly from Taiwan-
ese and Japanese competitors. Mr.
Kang points out: “Japanese compa-
nies often favor domestic suppliers,
while Taiwanese counterparts may
lean towards Japanese contend-
ers, perceiving Korean suppliers
as direct competitors.” To navigate
these challenges, ASFLOW has en-
gaged in original equipment manu-
facturer (OEM) businesses with
both Taiwanese and Japanese en-
tities, delivering to TEL and TSMC
plants through intermediaries.
U.S. governmental policies such
as the IRA and CHIPS Act also
influence the landscape in which
ASFLOW operates. While these
policies may not directly impact
smaller companies like ASFLOW,
they signify a broader realignment
of the supply chain, benefiting con-
glomerates and mid-sized enter-
prises. Mr. Kang remains optimistic
about the future, noting the poten-
tial benefits from such policies for
the broader industry ecosystem.
ASFLOW’s specialization in UHP
technology extends its solutions be-
Fittings
“Our primary goal is for
ASFLOW to emerge as
a globally recognized
top-tier company.”
Kang Doo-Hong,
President, ASFLOW
yond the semiconductor industry,
encompassing applications in OLED,
biotech and aerospace sectors. How-
ever, the current focus remains on
the semiconductor industry, with a
strategic shift towards the tools and
module markets. Mr. Kang elabo-
rates: “Our comprehensive product
lineup, spanning from tubes to filters,
enables us to offer fully modularized
solutions, presenting a distinct ad-
vantage over competitors.”
The semiconductor industry’s
evolution presents both challeng-
es and opportunities for ASFLOW.
The company’s robust manufac-
turing capabilities, combined with
ongoing investments in R&D, posi-
tion it favorably for future growth.
As Mr. Kang envisions: “Our
primary goal is for ASFLOW to
emerge as a globally recognized
top-tier company, renowned for
its excellence worldwide.”
By establishing global production
hubs in the U.S. and China, ASFLOW
aims to enhance its market pres-
ence and operational efficiency. This
strategic expansion, coupled with
a commitment to innovation and
quality, sets the stage for ASFLOW
to play a pivotal role in the future
of semiconductor manufacturing.
https://asflow.com

KEMCO Targeting the Global Nickel Market
Part of the Korea Zinc Group, KEMCO has become a major player in nickel sulfate production for EV batteries.
The South Korean company now plans to boost production to meet growing global demand.
“Drawing from our extensive
industry experience and past
endeavors, I’m confident in our
ability to produce nickel products
with a cost-competitive edge.”
James Choi,
President, KEMCO Co., Ltd.
KEMCO was established in 2017 in line with
the increasing demand for the secondary
battery utilized by the EV (electric vehicle)
and ESS (energy storage system) industries
and has stayed firmly put for nearly a de-
cade. The Korean company specializes in the
production and supply of nickel sulfate—one
of the core materials in the manufacturing
of secondary batteries for EVs—currently
producing 80,000 tons annually, with plans
to increase the volume to meet the growing
demand in the EV industry.
Despite being a relatively young com-
pany, KEMCO has achieved substantial
revenue growth within a short period. The
company has been working
CONTENT BY THE WORLDFOLIO
hard to increase its Production will increase rapidly, from 22 to 65 Ni kton, after the construction
business opportuni- of KEMCO’s new refinery in year-end 2025, helping to support customers’
ties in the Japanese potential requirements
market, with 70 per- 65
Unit: Ni kton (kton, Contained-Ni)
cent of its products
+43 Ni kton with
being sold to Japan.
New Plant (currently
Company president under construction)
James Choi points
out, however, that
22 22 22 22
such growth has 16 16
not come without 11
4
its challenges.
South Korea cur-
rently relies heavily
on Chinese nickel sul-
fate and pCAM (pre- 2018 2019 2020 2021 2022 2023 2024 2025 2026~
cursor cathode active
material) producers. pCAM is a core sub- straints. This logistical constraint is one of
stance used to manufacture the lithium-ion the hurdles the company faces to break into
batteries found in EVs. However, Mr. Choi the U.S. and European markets. However, it
highlights that “our foremost objective is to is a hurdle the president is confident they
bridge this gap in nickel sulfate and pCAM can address, stating: “By the end of the
production. This endeavor is crucial not only 2020s, we aim to offer a complete package
from an economic standpoint but also for from nickel smelting and refining to pCAM
national security and ecosystem sustain- production. This integrated solution will be
ability within the battery industry.” KEMCO deployed globally based on market demand.”
has begun bridging this gap through its Offering a competitive edge such as this
collaboration with LG Chem—known as over Chinese companies will stand KEMCO
Korea Precursor Company— to increase its in good stead given the ongoing worldwide
pCAM production efforts by implementing realignment of supply chains which has seen
cutting-edge technologies to create the Korean companies become trusted allies in
world’s largest reactor. By decreasing its both the U.S. and European markets.
reliance on Chinese production, the com- Mr. Choi explains that the price volatility of
pany plans to start channeling a substantial various feed materials like nickel has posed an
portion of its nickel sulfate production into additional hurdle for the company, necessitat-
its in-house pCAM production, serving as a ing flexibility to adapt to market fluctuations—
critical link in the supply chain which could something that demands substantial invest-
extend potentially to the U.S. market. ment. To address this, KEMCO has embarked on
Along with reducing reliance on Chinese the construction of an all-in-one nickel refinery,
production, being able to commencing this year with an anticipated
produce nickel sulfate and completion by the end of 2025. He points out
pCAM in the same geo- that “this refinery will enhance our flexibility in
graphical area is important handling various feed materials (MHP, matte,
to avoid logistical con- black mass) and therefore mitigate the risks
associated with price volatility.”
The future trajectory of KEMCO looks
clear, with the implementation of its new
nickel refinery, pCAM production through
its joint venture, Korea Precursor Company,
and defined destinations for its products.
When asked about his personal ambition for
KEMCO, the president highlights that whilst
the company currently has a plan to build
the largest nickel refinery in South Korea, he
hopes to provide a one-stop solution, from
nickel refining to pCAM production, thereby
contributing to the EV industry.
www.koreaenergymaterials.com
A-PRO: Pioneering Innovations in the
EV Battery Supply Chain
A-PRO, a key player in the EV battery supply chain, focuses on customization, technological innovation and
strategic R&D, driving efficiency and sustainability in the industry.
tion with Chinese counterparts. advancement allows for both
Despite the current stagnation discharging and charging within
in the EV market, I firmly believe the same circuit, a significant
that EVs represent the future innovation in the field.
trajectory for us.” Customization and flexibil-
A-PRO’s journey began in ity are key aspects of A-PRO’s
2000 as a power components operations. “Customization is
manufacturer. Over time, the paramount in the secondary bat-
company evolved to focus on tery field due to varying require-
rechargeable battery manu- ments among companies,” Mr.
facturing equipment, initiating Lim notes. “For instance, we sup-
partnerships with industry gi- ply Samsung SDI with prismatic
“Our strength lies in ants like LG Energy Solutions. types, while LG Energy Solution
technological innovation, Today, A-PRO boasts a com- and SK receive pouch types.”
with over 50-60 percent prehensive portfolio, emerging To address these diverse needs,
of our workforce as a total solution provider for A-PRO allocates over 50-60 per-
power conversion-related de- cent of its workforce to R&D, com-
dedicated to R&D.” vices and systems. prising electronic software and A-PRO Global Center Headquarters
“Our current identity is rooted hardware engineers. This focus of batteries within just 10 min-
Lim Jonghyun,
in our journey as a total solu- on R&D enables the company to utes,” Mr. Lim shares. “This
President, A-PRO
tion provider, leveraging our provide tailored solutions that system rapidly analyzes the
The proliferation of electric foundational technolo- enhance battery perfor- SOH curve within three min-
vehicles (EVs) is a notable phe- gies such as AC/DC mance and client sat- utes and makes a decision
nomenon not just in the West, and DC/AC con- isfaction. Working within 10 minutes.”
but also in China, and recently, verters,” Mr. Lim w i t h Ko re a n A-PRO’s strategic integra-
the United States has imple- explains. “These MNCs, known tion of GaN semiconductors
mented policies to incentivize technologies for their exact- has also been pivotal in driving
domestic production. LG has served as the ing standards, efficiency and miniaturization.
established operations in the c o r n e r s t o n e has further This synergy between A-PRO’s
U.S. to offer battery solutions, for our entry honed A-PRO’s equipment competitiveness
and A-PRO has followed suit, into battery ac- competitiveness and A-PRO Semicon’s innova-
providing equipment and after- tivation.” in the interna- tive GaN transistor technology
sales service. In this evolving A- P R O ’s e n - tional market. has significantly enhanced the
landscape, A-PRO stands out gagement in the sec- “Our strength lies company’s offerings.
as a key player in the global ondary battery mar- 200mm GaN on Si in technological in- “Our primary focus remains
EV supply chain, particularly ket started in 2014, Epi and Device wafer novation,” the A-PRO closely aligned with LG Energy
concerning secondary batteries. driven by orders from president emphasiz- Solution,” the president explains.
“North America is poised to Samsung SDI. The company sup- es. “We actively propose solu- “While we actively engage with
heavily invest in the EV sector,” plies all activation processing tions that align with our clients’ new battery cell makers in the
says Lim Jonghyun, president of equipment and devices to the needs. Through our long-term EU in terms of R&D, we refrain
A-PRO. “Thanks to the Inflation secondary battery market, meet- partnerships, we’ve developed from direct overseas marketing
Reduction Act (IRA), we’ve man- ing the demand for bi-directional an intuitive understanding of initiatives at present.”
aged to sidestep direct competi- converters. This technological our clients’ preferences, which Looking ahead, A-PRO is
helps us secure more orders.” poised to leverage its core
A-PRO’s innovations extend to capabilities to explore new
enhancing battery performance business opportunities and in-
and safety. The company focuses tegrate new technologies into
on assessing battery performance the fast-charging process. The
to ensure maximum capac- company is also working on
ity while identifying any defects. methods to detect and assess
This involves continuous testing used batteries, contributing to
and measuring of various bat- a more sustainable approach to
tery properties, including internal battery disposal.
resistance and Electrochemical
Impedance Spectroscopy (EIS).
“We have developed a deep
learning system that can as-
Silver Tower Order of Industrial Service Merit 2023 sess the state of health (SOH) https://en.aproele.com
KORLOY: Revolutionizing Manufacturing Through
Happiness Management
Through DX-driven system competitiveness, strong brand value and exceptional product quality, KORLOY prioritizes
innovation, global expansion and employee satisfaction.
KORLOY, a prominent player in the
metal cutting tool industry, stands
out for its unique approach to busi-
ness, combining innovation with a
strong emphasis on employee hap-
piness and digital transformation.
Led by President Junghyun Yim,
the company has carved a niche for
itself both domestically and interna-
tionally, driven by a philosophy that
intertwines advanced technology
with a nurturing corporate culture.
At the heart of KORLOY’s suc-
cess is a commitment to happiness
management. Mr. Yim emphasizes:
“Ensuring employees feel fulfilled
and content in their roles is para-
mount. If work is a source of misery,
it taints half of one’s waking hours,
profoundly impacting overall well-
being.” This philosophy is not just
about providing adequate compen-
sation but fostering a positive work
environment where employees can
thrive. He believes that nurturing
positive workplace relationships is
integral to job satisfaction and, con-
sequently, to the company’s success.
System Competitiveness
Through Digital Transformation
KORLOY has been at the forefront
of digital transformation since
2019, incorporating IoT (internet
of things) and digital technologies
to enhance its manufacturing pro-
cesses. “We utilize data analysis
to optimize our processes and
find the best solutions, feeding
this information back into our
research and development sector
for deeper analysis,” the president
explains. This digital shift has not
cal devices. Mr. Yim emphasizes
the importance of innovation in
product development, particularly
“Our overarching goal in response to the evolving needs
of sectors like renewable energy
is fostering a culture and medical devices.
where everyone finds “Our tools initially may have
fulfillment in their lagged behind competitors in
work.” overall quality, but our emphasis
on customization fostered loyalty
Junghyun Yim, among customers,” he recalls.
President, KORLOY This customer-centric approach
has been integral to KORLOY’s
growth, allowing it to compete
effectively on the global stage.
KORLOY’s journey, marked by
a strong emphasis on employee
only improved efficiency but also balization remains a cornerstone happiness, digital transforma-
enabled the company to respond of our strategy,” he asserts, high- tion and relentless innovation,
swiftly to market changes and lighting the importance of estab- offers a blueprint for modern
customer needs. lishing local branches staffed by manufacturing success. By pri-
A key innovation is the establish- experts who understand regional oritizing the well-being of its em-
ment of a pilot line within the R&D market dynamics. ployees and leveraging cutting-
department, allowing rapid cus- edge technology, KORLOY not
tomization and prototype develop- Product Quality only enhances its competitive-
ment. “This enables us to provide Product quality remains a corner- ness but also ensures sustained
customers with samples promptly, stone of KORLOY’s reputation. The growth in a rapidly evolving mar-
aligning with their delivery require- company offers a range of high- ket. Moreover, as a leading cut-
ments without fail,” he says. The performance tools, such as the ting tool manufacturer, KORLOY
approach has significantly reduced Super Endmill and a high-pressure is committed to fulfilling its role
lead times for prototype produc- coolant tool, tailored for difficult- in the industry and establishing
tion, enhancing KORLOY’s ability to-cut materials in industries like itself as a company that grows
to meet customer demands quickly. automotive, aerospace and medi- alongside its customers.
Brand Value RM8-X Super Endmill
KORLOY’s brand value is rooted in
its ability to innovate and main-
tain close relationships with
customers. Despite intense com-
petition from global giants like
Sandvik, Iscar and Kennametal,
KORLOY has carved out a signifi-
cant market share by consistently
introducing new products aligned
with market trends. “Our strat-
egy hinges on nurturing deep
relationships with our customers,
ensuring that we not only deliver
exceptional products but also
provide comprehensive support
services,” Mr. Yim notes.
The company’s commitment to
globalization has also bolstered its
brand value. KORLOY has effec-
tively expanded its international
footprint with branches in key
markets like Turkey, Russia and
Germany in Europe, the United
States and Brazil in the Americas,
and China and India in Asia. “Glo-
Korean Leader in Magnet Technology
Commits to Expanding Existing Portfolio
Novatech has witnessed rapid revenue growth, surpassing USD 100 million in 2022, driven by the swift diversification
of neodymium-based magnet applications. These applications span tablets, home appliances and autonomous vehicles.
Now, the Samsung supplier is prioritizing R&D efforts to introduce new technologies to the market.
Established in 2007, Novatech
specializes in neodymium mag-
net technology, with a portfolio
covering magnets, shield magnets
and core materials for laptops,
wireless charging pads and smart-
phone devices, as well as new op-
portunities in automotive sensors.
Company President Oh Choon
Teak explains how the firm is struc-
tured: “Our headquarters, equipped
with production facilities, houses
both marketing and research and
development teams. The Korean
Institute of Magnetic Technology,
which is dedicated to innovative
technology development, focuses
intensively on researching materi-
als, techniques and applications
related to magnets. It collaborates
with various OEMs [original equip-
ment manufacturers] and automo-
tive component manufacturers,
particularly for field components
such as automotive sensors.”
The firm, he continues, has
a factory equipped for mag-
net equipment production in
Hwaseong, as well as overseas
subsidiaries in China and Viet-
nam, with plans underway to
establish a new branch in Laos.
A one-stop shop for magnet
technology, Novatech is obliged
to compete against established
companies such as Hitachi Met-
als, Shin-Etsu and Arnold Mag-
netic in the U.S. Mr. Oh, how-
ever, is confident that his firm
retains a significant competitive
advantage in the field.
“Our competitive edge lies in
our expertise in magnet applica-
tion,” he says. “We meticulously
analyze magnet properties and
incorporate them into our prod-
ucts. But our real advantage
comes from our commitment to
R&D. For example, Apple’s iPad
and Samsung’s tablet PC used
to have 125 magnets per device.
Through continuous research and
development, we have managed to
reduce the number of magnets in
Samsung tablet PCs from 125 to
27, a remarkable achievement.”
Elsewhere, the firm’s prioritiza-
tion of innovative R&D practices
“I see Novatech becoming a global entity with a strong
international presence.”
Oh Choon Teak, CEO, Novatech Co., Ltd.
www.mynovatech.com/eng
MPS module
Magnetic Filter for
secondary battery
Eco-friendly Magnet Plate Shield Magnet
has borne fruit in the development
of its pioneering Motor Position
Sensor (MPS) technology, which
utilizes magnets to provide an ac-
curate measurement of the steer-
ing wheel shaft. “Currently,” Mr.
Oh confirms, “we’re on track for
mass production, and our next step
involves proposing our technology
and solutions to global OEMs.”
Looking to the future, Mr. Oh is
expecting the automotive industry
to be a major growth driver for
the company. “As we transition
to the era of electric vehicles and
autonomous vehicles equipped
with advanced AI functions, the
importance of controllers, sensors,
motors and other mechanical and
electrical parts used in these ve-
hicles will only increase. With the
shift to motor-powered vehicles,
meanwhile, the demand for mag-
nets is also increasing.”
If the automotive industry
looks set to be the company’s
main growth driver, there are
nevertheless other opportunities
for expansion on the horizon. One
such opportunity is in the field of
home appliances, where AI and
virtual reality are beginning to be
used more widely to realize ad-
vanced functions, meaning growth
in the demand for sensors and
actuators. To this end, Novatech
is already developing magnets or
miniaturized motors for use in
such components, with market
roll-out just around the corner.
“Our long-term strategy,” Mr. Oh
states, “is focused on prioritizing
innovation in both cost and qual-
ity to attract a larger customer
base. As part of this initiative, we
have launched a rare earth mine
development project in Laos to
develop neodymium in a country
other than China, which we hope
will address the unique costs and
risks associated with the extrac-
tion of rare earth minerals.”
For his part, Mr. Oh remains
cautiously optimistic about the
future. While acknowledging that
the global supply chain realign-
ment poses as many potential
risks as it does opportunities, the
company is as focused as ever on
expanding into the global market.
“The majority of inquiries we
receive from overseas pertain to
magnets and shield magnets,” Mr.
Oh explains. “For instance, Indian
car manufacturers and IT device
makers often ask about our mag-
net offerings. Our primary focus
is on closely collaborating with
our partners to optimize magnet
applications through simulations,
sample production and testing.”
The future may be uncertain,
but the stage is set for Korean
small and medium-sized enter-
prises to storm the global stage.
“I believe,” Mr. Oh states, “that
Korean engineers have unpar-
alleled technological prowess.
And my goal is for our company
to be recognized as an industry
leader, renowned for its technical
capabilities and commitment to
ESG (environmental, social and
governance) management.”
Korean Hydraulic Firm Targets U.S. Market
More than three decades on from its establishment, hydraulic hose fittings manufacturer DaeHan is looking to
showcase its extensive portfolio of products by increasing its presence in both America and Europe.
“We believe in quality
and cost-effectiveness,
as well as client loyalty
and meeting delivery
deadlines.”
Kim Oh Gon, President,
DaeHan Precision Industry
Initially founded in 1990 as
an automobile components
manufacturer, today DaeHan
Precision Industry is an estab-
lished international presence,
renowned for its manufacture
of high-quality, cost-effective
hydraulic hose fittings.
DaeHan’s representative product
line-up
“Our business philosophy,”
company president Kim Oh Gon
explains, “centers on earning our
clients’ trust. Much like popular
restaurants thrive through word
of mouth, our clients advocate
for us based on our quality, per-
formance and timely delivery.”
Such qualities should stand
the company in good stead in
the face of changes that have
seen the domestic landscape be-
www.daehanfitting.com
come increasingly saturated and
competitive. Globally, of course,
things are changing too, with
the economic conflict between
the U.S. and China obliging major
corporations to reorganize their
supply chains. Far from being
problematic, however, this shift
provides Korean companies with
a significant opportunity.
Mr. Kim takes up the thread:
“Ongoing logistical challenges
and supply-demand mismatches
mean that the U.S. is now turn-
ing to its allies, including South
Korea, Japan and Taiwan. From
the U.S. perspective, while
sourcing products from Mexico
or Latin America may offer
lower costs, political instability
in those regions is a concern.
Japanese products are costly,
and European Union prod-
ucts lack the diversity to meet
U.S. market needs adequately.
Hence, the U.S. administration
is increasingly focusing on the
Korean logistics channel.”
Meanwhile, having previ-
ously sourced raw materials
from China, Vietnam and In-
donesia, global conglomerates
Hyundai, Samsung and LG are
beginning to focus on produc-
ing finished goods in South Ko-
rea by procuring materials and
components from Korean small
and medium-sized enterprises
(SMEs). One of the reasons for
this shift, Mr. Kim states, is
South Korea’s “unrivaled quality
and productivity,” and DaeHan
itself has been supplying prod-
ucts to the U.S. aviation market
and companies such as Komat-
su, Hitachi and Caterpillar.
The fact that global conglom-
erates are bolstering Korean
SMEs by investing in smart fac-
tory technology and advanced
automation
provides ready-
made incentives
for the compa-
nies that ben-
efit to remain
as competitive
as possible.
And for his
part, Mr. Kim
is in no doubt
where DaeHan’s
strengths lie: “Our competitiveness
rests on three key factors. First
is productivity and automation.
We’re pioneers in adopting robots
in our assembly lines and plan to
introduce 39 robot lines by 2027.
Second is material development,
where we’re continuously experi-
menting with various materials
to find the best fit. Third is HMLV
[high-mix, low-volume] produc-
tion, allowing us to manufacture
multiple product types in low vol-
umes from our smart factories.”
DaeHan’s machining process site
Looking to the future, Mr. Kim
cites recent developments such
as electric vehicles and elec-
tric excavators as factors that
will ensure sustained company
growth. Elsewhere, achieving
miniaturization, lightweight
construction and compactness in
company products will represent
key challenges in maintaining
relevance in the rapidly-evolving
hydraulic fitting industry.
“We are aiming,” he says,
“to capitalize on the trend of
miniaturization in heavy-duty
vehicles, which are becoming
lighter all the time.” It is worth
noting here that the company is
anticipating
a significant
increase in
o rd e r s fo r
heavy-duty
vehicles
once con-
flicts in
Ukraine and the Middle East
are resolved.
DaeHan’s first factory and
headquarters
Another key focus will be the
company’s product line-up. With
3,500 items currently on offer,
Mr. Kim is hopeful that figure
can be increased by a further
1,000. “While many of our com-
petitors are moving away from
HMLV,” he says, “we are embrac-
ing it even more.”
Already an established inter-
national presence, exporting
to more than 10 countries, the
company is looking to expand
further still. “Moving forward,”
Mr. Kim confirms, “our primary
focus will be on the U.S. and
European markets. As part of
our efforts there, we attended
the Hannover Messe exhibition
last year, and we are pleased to
announce that we will have a
booth there in 2024.”
With the company’s com-
petitive edge based on quality,
cost-effectiveness and winning
clients’ trust, Mr. Kim is keen to
emphasize that DaeHan’s busi-
ness management approach
also includes knowledge man-
agement. He concludes: “Dae-
Han is actively supporting its
employees in pursuing gradu-
ate education so they can bet-
ter contribute to the company’s
growth. We believe that human
re s o u rc e s w i l l p l ay
a crucial role in our
future endeavors.”
 Culture HIGH, LOW + EVERYTHING IN BETWEEN

T E LE V I S I O N

Squid
Gains
Lee Jung-jae on moving from the
cult Netflix hit to his first English-
speaking role in Star Wars: The Acolyte

52 NE WSWEEK .COM J u ly 1 9 , 2 0 2 4
 W H E R E A R E T H E Y N OW ?
Andrew McCarthy reassesses the impact of the ’80s Brat Pack. ▸ P.56
LUC A SFILM LTD.; TOP RIGHT, THEO WARGO/GE T T Y
TEETHING ISSUES
Lee Jung-jae,
right, had a sore
tongue from
practicing his lines
for Star Wars: The
Acolyte in English.
Photograph by CHRIS TIAN BL ACK
Squid Game star Lee Jung-Jae found him-
self tongue-tied—and tongue-tired—in
the lead role for the new Disney+ series Star
Wars: The Acolyte.
Speaking to Newsweek in June from Seoul, the
capital of his native South Korea, the veteran actor
spoke about the challenges of acting in English
for the first time as Jedi Master Sol in his first
Hollywood project, which even left him unable to
eat at one point.
“Practicing the English lines all day all the time,
my tongue kept touching the inner part of my teeth
and became worn down, and I couldn’t eat.
“Obviously, the way the tongue moves when
speaking English is very different from the way it
moves when speaking Korean, so my tongue kept
rubbing up against my teeth,” the Screen Actors
Guild and Emmy awards winner and Golden Globe
nominee recalled.
Acting in English was not
an easy task but that was to be
by expected, the Squid Game actor
SOO said, “with so much to note,
KIM from the pronunciation and
accent to getting used to the
spaces between words when reading the lines, all
of which was challenging.
“I had two dialogue coaches who were very rigor-
ous with their teaching and played a huge role in
helping me perfect my lines,” he added.
Though established for decades as a movie star
in South Korea, Lee shot to international fame
following his breakout Squid Game role as Seong
Gi-hun. He will be reprising the part in the highly
anticipated second season—which he is currently
shooting—later this year.
His stardom in the Netflix hit show put him on
the radar of The Acolyte creator Leslye Headland,
who cast him as Sol.
The series, set at the end of the High Republic
era before the events in the main Star Wars movies,
unravels “an investigation into a shocking crime
spree” that pits Sol against “a dangerous warrior
from his past,” who is played by The Hunger Games
star Amandla Stenberg, according to the show’s
Disney+ synopsis.
NE WSWEEK .COM 53
Culture TELEVISION

Even before Headland got in
touch with Lee, he already knew of
the director as he was a fan of Netflix
series Russian Doll, which she co-cre-
ated. So when Lee heard she was
doing a Star War series, he was very
intrigued and thought “we could pos-
sibly see a very different Stars Wars
through her lens.”
When Headland later sent him a
basic treatment of the script, it only
gave an overview of the storyline and
she wasn’t able to reveal exactly what
role he would be playing at that stage.
Lee said: “At first, I didn’t think my
character would be such a big role.
“But [I] thought even if I do pre-
pare as much as I can, could I really
pull this off? It’s such an important
role and my hair turned white [from
thinking about the task],” he said.
Inspired by Jedis of the Past
Lee, a fan of the Star Wars films, said
he rewatched all the movies from
the franchise in preparation, “metic-
ulously” observing all the Jedi char-
acters to understand why the actors
“As English is not my
may have played them in the ways
they did and to ascertain how Sol
should be shaped.
Among the Jedis, Lee took a par-
ticular interest in the Qui-Gon Jinn
character played by Liam Neeson,
who he thought was most relevant
to Sol. “I thought it’d be good to
dissect his character, and I tried to
take a lot of inspiration from Nee-
son’s role,” he said.
The latest series carries a dual-
ity theme among various char-
acters. So, what is Sol’s greatest
strength and weakness?
“There are a lot of scenes where

I assumed I’d be given some suit-
able smaller role that was sufficient
for an actor who gained some fame
from Squid Game.
first language...I’m
he can show his warmth, so I think
his ability to portray a bit more
still bewildered that warmth than perhaps other Jedis is
I was entrusted with his strength. I wanted to also show

such a huge role.”

“I never anticipated it would be a more human side of him too, but
the big role that it is and didn’t it was challenging to know to what
think I’d be left to take on the role of
Jedi Master Sol.
“As English is not my first language,
which could be a big handicap for
me in terms of acting, I’m still bewil-
dered that I was entrusted with such
a huge role. I really wanted to repay
her [Headland] for the belief she
showed in me, and I really tried my
best to match up to the vision she had
for this script.”
Asked about the burden of his Hol-
lywood debut being his first lead role
in a major franchise, and whether
he’d thought of turning the role
down due to the pressure, Lee said:
“To be honest, I did feel a slight sense
of doing that [turning down the role].”
Upon receiving and reading the
script, after he’d agreed to portray
a Jedi, Lee realized just how import-
ant Sol was. “I felt this great burden
about how I’m meant to act out this
huge character. My mind became
quite complicated and all I could
CR EDIT TK

think about was that I better get

started on preparing.

54 NE WSWEEK .COM
 degree this humanness would be
appropriate to reveal for a Jedi.”
Lee’s other great challenge was get-
ting his first scene just right. “I felt I
FROM BELOW: YOUNGK YU PARK /NE TFLIX /AP; C H RI STI AN B L AC K /LUC A SF I LM LTD.
needed to be convincing as a Jedi
from the first shot that the audience
hears and sees of me” to plant a seed
of confidence in them to say he looks
and feels like a Jedi, he noted.
The last scene of the series was
quite “emotional” for him, “having
spent all the time I did with the Sol
character,” Lee said, without reveal-
ing any details of the final scene.
How will his character further
unfold in the series? Lee said “being
a mystery thriller genre, the story
has a lot of twists and upturns and
you’ll find there will be more ques-
tions that come up with each episode.
I think that aspect made it a very
interesting script...the audience will
RISING STAR Lee’s success in Squid Game (bottom
left) put him on the radar of The Acolyte creator
Leslye Headland (above), who cast him as Sol.
be left increasingly intrigued with
each new episode.”
What to Expect From
Squid Game’s Second Season
One of the actor’s most highly antic-
ipated projects this year is, of course,
the second season of Squid Game,
the storyline for which is “a lot more
interesting than season one,” Lee said.
“There will be a lot more dramatic
characters coming out of it the first
season, so I think people will enjoy it
even more than season one.”
Will his returning character Seong
Gi-hun ultimately get his revenge?
“ The change you see in Gi-hun is
also among the points that will be
worth the watch in season two,”
Lee said, noting that he’s unable to
share any further details about the
upcoming season.
Asked when we can expect to see it
this year, he said, “We still have a bit
more to shoot and also have to work
harder on the post-production work,
too. But you’ll get to see it soon.”
Another Hollywood Franchise
Around the Corner?
Having received a string of actor
accolades and even a seven-minute
standing ovation at the Cannes Film
Festival for his directorial debut film
Hunt back in 2022, has the reality of
his Hollywood debut set in?
“It hasn’t really, as it [Hollywood]
is not a space that I really work
in. Being the global mecca for the
entertainment business, I’d always
thought it would be great to work
in Hollywood. I never thought I’d be
doing a Star Wars project and take on
a Jedi role, but it’s such an honor of
course,” he said.
Lee previously told Newsweek that
he’d love to work with director Todd
Phillips and actor Joaquin Phoenix
one day. Has he had any communi-
cation from these Hollywood names
or been offered other roles in Holly-
wood since his recent debut?
Laughing, Lee said: “No, I haven’t
had any offers. But I think people
are currently just observing how I
act in English through the Star Wars
series. So, until all eight episodes air,
I’m not sure what sort of response
it will have or what other projects
might come to me.
“Given how I had no idea I’d be
doing Star Wars, it feels almost mean-
ingless to even dream about who I’d
like to work with in Hollywood at
this stage. I can only hope that there
will be a fate-like project for me out
there,” he added.
Could another Hollywood fran-
chise be in the cards? “I don’t know
what may come my way,” he said.
“But if a good opportunity comes
up, I’ll have to do it—even if my
tongue falls out.”
New episodes of Star Wars: The
Acolyte are released weekly on Dis-
ney+ on Tuesdays at 9 p.m. ET/6
p.m. PT, with the final episode air-
ing on July 16.
▸ Soo Kim is a newsweek reporter
covering lifestyle stories, specializing in
travel, health and Korean culture. Fol-
low her on Instagram @miss.soo.kim
NE WSWEEK .COM 55
Culture

PA RT I N G S H OT

Andrew McCarthy
In the 1980s, a group of actors called the “Brat pack” came to The film is pretty emotional.
define a generation. Turns out, the term came from one sentence in a New Was that intentional?
York Magazine article. Now, 40 years later, one of those stars, Andrew McCarthy, I think most people come for the
is reevaluating the impact that description had in his new documentary Brats nostalgia. They think it’s gonna
(on Hulu). “It just became the catchphrase.” In the film, McCarthy meets with be a fun romp, and that’s not at
fellow Brat Pack-ers like Rob Lowe, Demi Moore and Emilio Estevez—some for all the sort of movie that I was
the first time since the ’80s—to find out why they took such offense to the mon- interested in making. I wanted to
iker. All agree the article wouldn’t have the impact today it had back then. “As make much more of a personal
Malcolm Gladwell said in the movie, there is no unifying pop culture anymore.” subjective reexamination of the
And regarding the broad impact of the phrase, McCarthy is now able to see how past, up into the present. There’s
the public views this crop of actors, with affection. “It took me a long time to a difference between nostalgia,
realize that, until people came up to me on the street after so many decades. which is looking back with sort
When they see me, they go, ‘Oh, my God. When I was a kid...’ I realized very of rose-colored glasses, and
quickly, they’re not talking to me anymore, they’re talking to their own youth.” actually [doing a] reassessment.

How did the “Brat Pack” happen?

In the early ’80s, Hollywood
discovered that kids go to the [same]
movies five, six, seven times, and
“The Brat Pack grown-ups go once. So to hell with
wouldn’t have the grown-ups, let’s make movies

happened or about kids. We happened to be the

mattered if there kids in the right place at the right

wasn’t this seismic

time. And then David Blum [the
article’s author] comes along and
cultural shift.” puts a label on it. The Brat Pack
wouldn’t have happened or mattered
if there wasn’t this seismic cultural
shift that had just taken place.

Do you think media has changed

how they treat young talent?
Oh, no. If that article came out now,
it wouldn’t have had any kind of
MA ARTE N D E BOE R /CONTOUR /GE T T Y

impact at all, because I could have

instantly pushed back on my social
platforms. I just don’t think it could
happen now, because we’re so
fractured. But I don’t think people
learned anything or we decided we’re
going to treat people better now,
that would be naive. —H. Alan Scott

56 ▸ Visit Newsweek.com for the full interview

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