Hyundai Group
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| Hyundai Group | |
|---|---|
 |
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| Korean name | |
| Hangul: |
현대
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| Revised Romanization: | Hyeondae |
| McCune-Reischauer: | Hyŏndae |
Hyundai Group is a South Korean conglomerate company (chaebol) founded by Chung Ju-yung. The first company in the group was founded in 1947 as a construction company. With government assistance, Chung and his family members rapidly expanded into various industries, eventually becoming South Korea's biggest chaebol. The company spun off many of its better known businesses after the 1997 Asian financial crisis, including Hyundai Automotive Group, Hyundai Department Store Group, and Hyundai Heavy Industries Group.
The Hyundai Group now focuses on elevators, container services, and tourism to Mount Kumgang. As of March 2007, Hyundai Engineering and Construction is the main shareholder of Hyundai Merchant Marine, which is the de-facto holding company of Hyundai Group.[1]
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[edit] Affiliated companies
As of February 2007, these are the affiliated companies of the Hyundai Group.[2]
- Hyundai Asan
- Hyundai Elevator
- Hyundai Logistics
- Hyundai Merchant Marine
- Hyundai Securities
- Hyundai Research Institute
- Hyundai U&I
[edit] History
In 1947, Hyundai Togun (Hyundai Engineering and Construction), the initial company of the Hyundai Group, was established by Chung Ju Yung. In 1950, Hyundai Togun was renamed Hyundai Construction. In 1958, Keumkang Company was established to make construction materials. In 1965, Hyundai Construction begins its first overseas venture, a highway project in Thailand.
In 1967, Hyundai Motors was established. In 1975, the group begins construction on an integrated car factory and launches a new Korean vehicle.
In 1973, the group's shipyard is incorporated as Hyundai Shipbuilding and Heavy Industries, renamed Hyundai Heavy Industries in 1978.
In 1976, Hyundai Corporation is established as a trading arm. The same year, Asia Merchant Marine Co. established, later renamed Hyundai Merchant Marine.
In 1977, Asan Foundation was established.
In 1983, Hyundai Elevators and Hyundai Electronics were established.
In 1986, Hyundai Research Institute was established.
In 1988, Asian Sangsun was established, renamed Hyundai Logistics in 1992.
During 1997 Asian financial crisis, Hyundai acquired Kia Motors and LG Semi-Conductor.
In 1998, Korea's economic crisis forced the group to begin restructuring efforts, which include selling off subsidiaries and focusing on five core business areas. Nevertheless, Hyundai began South Korean tourism to North Korea's Kumgangsan. In 1999, Hyundai Asan was established to operating Kumgang tourism, the Kaesong Industrial Complex, and other inter-Korean work. [3]
In 2001, the founder Chung Ju Yung died, and the Hyundai Group conglomerate continued to be dismantled. [4]
[edit] Restructuring
Before restructuring (beginning circa 2000), Hyundai's major areas of activity included shipbuilding, car manufacture, construction, retailing, finance, and electronics.
After founder Chung Ju-yung's death in 2001, the component companies of Hyundai were split off into separate companies.
