From Wikipedia, the free encyclopedia
Hyundai Group is a South Korean conglomerate (Jaebeol) 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.
Affiliated
companies
As of February 2007, these are the affiliated companies of the
Hyundai Group.[1]
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.[2]
- In 2001, the founder Chung Ju-yung died, and the Hyundai Group
conglomerate continued to be dismantled.[3]
- In 2007, Hyundai Construction Equipment India Pvt. Ltd.
established in India.
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.
References
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