Songwon Industries, based in Ulsan, Korea and one of the major global players in chemical additives, is the second largest manufacturer of polymer stabilizers in the world after BASF. From its foundation in 1965 to the late 1990’s, Songwon had a passive global strategy based on OEMs and utilizing distribution agencies overseas. However, after 2000, Songwon started its overseas expansion with an independent technology base and unique global strategy. Songwon established foreign subsidiaries in major markets and also employed non-Korean managers, especially former executives of competing companies after the 2008 global financial crisis. This ‘Virtual HQ’, one of the key success factors of Songwon's globalization, has important implications for many Korean firms trying to expand their overseas businesses. Songwon is arguably the most geo-centric Korean company in terms of the composition of its top management personnel. One of Songwon’s global success factors is the ability to produce market leading products in the volume that meets global demand, at the level of quality that customers want. More importantly, Songwon has a very nimble organization that works very closely with customers worldwide. For the next step, Songwon should improve its high debt structure and develop effective strategies to meet BASF’s aggressive movements.