Banseog note · Oct 24, 2026
KD Navien — Moving from a boiler company to a North American heating and cooling company
- Where it stands now
- Overseas expansion — extending its North American water heater success into HVAC and local production
In 2025, consolidated revenue was about KRW 1.5 trillion and operating profit KRW 143.4 billion (+8.1%), with overseas revenue of KRW 1.0438 trillion (69.5%). In the first half of 2026, revenue was KRW 813.5 billion (+7.4%) and operating profit KRW 148.1 billion (+63.4%), exceeding the previous full-year profit in six months; North America accounted for KRW 504.9 billion (62.1%).
Q2 2026 revenue was KRW 388.2 billion, similar to the same quarter a year earlier (KRW 392.3 billion), and operating profit of KRW 84.3 billion was reported to include a one-off effect from a tariff refund.
On Korea's National Pension Service public workplace data, 1,607 people were on the pension register in August 2026, 90 fewer (−5.3%) than in October 2025. The decline came while results were improving, and no direct cause has yet been reported in the press. Staff at the US subsidiary and at Commax, acquired in January 2026, are excluded.
- Three decisions within a year
- Production capacity: in July 2026 it completed KRW 104.3 billion of construction at the Pyeongtaek Seotan plant, adding new parts and injection-molding buildings and expanding the heat exchanger building. Annual capacity is 4.39 million units, a base for making heat pump and hybrid products.
- North American HVAC and localization: in October 2026 it opened an Innovation Center and Training Academy in Irvine, California, and reopened its New Jersey academy. Expanding into furnaces and heat pumps, it is considering a US production base (timing not disclosed). Exports to the US carry a 15% tariff.
- Smart home and appliances: in January 2026 it acquired an 80.77% stake in the wall-pad maker Commax and installed a CEO from Kyungdong. The SK Magic kitchen appliance business acquired in September 2024 (KRW 42.5 billion) had 2025 revenue of KRW 60.9 billion, short of plan (KRW 97.1 billion).
- Three people it will look for
- North American HVAC product development and certification engineers — fitting heat pumps, furnaces and hybrids to local housing conditions
- North American technical training and installer channel sales — the local installation and service network is seen as the key to expansion
- Overseas production base setup and SCM — the US plant review, tariff response and running the expanded Pyeongtaek lines
- For HR
- Profit is growing while headquarters headcount is falling, so it is worth first checking which job groups the departures came from. North American HVAC and local production leaders are rare in the domestic market, so it is better to prepare both hiring people with US local experience and developing expatriate staff.
- For job seekers
- If you have experience in heat pump and HVAC product development, North American installer channel sales, or overseas plant setup, it fits KD Navien's next stage exactly.
A reading written from public sources. Sources: Coverage of overseas share and Q1 results (2026-05-27, 2026-06-08), coverage of H1 results (2026-08), coverage of management reshuffle after the Commax acquisition (2026-02-12), coverage of the Pyeongtaek expansion (2026-10-04), coverage of the US R&D and training center (2026-10-12), coverage of SK Magic business results (2026). Team size is from Korea's pension register.