This case study aims to address the dynamic interplay between a firm’s growth strategy and its resources and capabilities. Dongsung Group has shown extraordinary growth over the past few years. Born out of Busan amidst a blooming footwear manufacturing industry, the chemical company experienced tremendous difficulties stemming from a nationwide recession in the footwear industry in the late 1980s and the Asian financial crisis towards the end of 1990s. Despite its hardship, Dongsung developed and executed a successful corporate strategy based on its core resources and capabilities and has been enjoying exponential growth from 2008. Dongsung Group made conscious efforts to expand its businesses in three dimensions where its core resources and capabilities can be readily applied: 1) application of its existing products in new industries, 2) expansion into downstream activities within the chemical industry value chain, and 3) diversification into businesses where valuable resources and capabilities in new materials can be obtained. Implementing its plan, Dongsung acquired relevant businesses and subsequently established Dongsung Ecore, Genewell, Dongsung FineTec and Dongsung TCS. As a result, the Group’s total sales exceeded 1 trillion Korean won in 2014 from a mere 350 billion won in 2008, and Dongsung became a High Potential Enterprise (HPE) with 9 affiliates in Korea and 7 subsidiaries overseas. Currently, Dongsung Group is continuously making efforts to realize synergies from its acquisitions and to seek opportunities for additional growth. It is actively pursuing the integration of management and R&D activities within different affiliates under the umbrella of ‘One Company Concept’, and strives to utilize its core resources and capabilities to enter into automobile parts industries and lightweight materials arena such as engineering plastics.