Hyundai Engineering and Construction
Encyclopedia
Hyundai Engineering and Construction Co., Ltd. (abbreviation: HDEC) is a major construction company in South Korea
which has carried out projects not only in Korea but around the world. The company was founded by Chung Ju-yung
in 1947 as the Hyundai Civil Works Company, and was a major component of the Hyundai Group
. Hyundai Construction and Hyundai Engineering merged in 1999.
Hyundai Construction played a major role in the importation of Korean labourers to the Middle East
to work on construction projects there in the 1970s and 1980s; in the decade following 1975, when Hyundai signed their first contract in the region, for construction of a shipyard
for the Iranian Navy
near Bandar-e Abbas, 800,000 Koreans went to work in Saudi Arabia, and another 25,000 went to Iran
; Hyundai was their largest employer.
The company was under creditors' management (Korea Exchange Bank
being the largest creditor) from 2001 to 2006, as Hyundai Group was split into several entities. As of March 2007, HDEC is the main shareholder of Hyundai Merchant Marine
, which is the de-facto holding company of Hyundai Group
. Hyundai Group and Hyundai Automotive Group (another spin-off from Hyundai Group) are both vying to purchase HDEC.
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
which has carried out projects not only in Korea but around the world. The company was founded by Chung Ju-yung
Chung Ju-yung
Chung Ju-yung was a South Korean businessman and the the founder of Hyundai Group.-Early life:Chung Ju-yung was born in Tongchon, Kangwŏn province , during a time when Korea was under Japanese rule. Born to a large impoverished family of peasants, he was the oldest out of six children...
in 1947 as the Hyundai Civil Works Company, and was a major component of the Hyundai Group
Hyundai Group
Hyundai Group is a South Korean conglomerate 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 second biggest...
. Hyundai Construction and Hyundai Engineering merged in 1999.
Hyundai Construction played a major role in the importation of Korean labourers to the Middle East
Middle East
The Middle East is a region that encompasses Western Asia and Northern Africa. It is often used as a synonym for Near East, in opposition to Far East...
to work on construction projects there in the 1970s and 1980s; in the decade following 1975, when Hyundai signed their first contract in the region, for construction of a shipyard
Shipyard
Shipyards and dockyards are places which repair and build ships. These can be yachts, military vessels, cruise liners or other cargo or passenger ships. Dockyards are sometimes more associated with maintenance and basing activities than shipyards, which are sometimes associated more with initial...
for the Iranian Navy
History of the Iranian Navy
Traditionally, located in the shallow waters of the Persian Gulf, the Iranian navy has always been the smallest of its military forces. An Iranian navy in one form or another has existed since Achaemenid times in 500 BC; however, except for the Achaemanid navy, none of the following navies were...
near Bandar-e Abbas, 800,000 Koreans went to work in Saudi Arabia, and another 25,000 went to Iran
Koreans in Iran
Koreans in Iran have a history dating back to the 1970s, when South Korean labour migrants began flowing into the country. However, most returned home or moved on to other countries; , only 614 Koreans lived in the country, according to the statistics of South Korea's Ministry of Foreign Affairs...
; Hyundai was their largest employer.
The company was under creditors' management (Korea Exchange Bank
Korea Exchange Bank
Korea Exchange Bank is a specialized foreign exchange bank in South Korea. It is headquartered in Seoul, and was established in 1967.Korea Exchange Bank is the fifth largest bank in South Korea measured in assets and the largest foreign exchange bank in South Korea, providing the largest range of...
being the largest creditor) from 2001 to 2006, as Hyundai Group was split into several entities. As of March 2007, HDEC is the main shareholder of Hyundai Merchant Marine
Hyundai Merchant Marine
Hyundai Merchant Marine is a South Korean logistics company providing worldwide container shipping services. It was established in 1976 as Asia Merchant Marine...
, which is the de-facto holding company of Hyundai Group
Hyundai Group
Hyundai Group is a South Korean conglomerate 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 second biggest...
. Hyundai Group and Hyundai Automotive Group (another spin-off from Hyundai Group) are both vying to purchase HDEC.
Major Hyundai Entities (formerly HYUNDAI GROUP)
- HyundaiHyundaiHyundai ) is a global conglomerate company, part of the Korean chaebol, that was founded in South Korea by one of the most famous businessmen in Korean history: Chung Ju-yung...
- Hyundai Motor CompanyHyundai Motor CompanyHyundai Motor Company is a Korean multinational automaker based in Seoul, South Korea which, along with Kia, comprises the Hyundai Kia Automotive Group, the world's fourth largest automaker as of 2009. As of 2011, it is the world's fastest growing automaker for two years running...
, a division of Hyundai Kia Automotive GroupHyundai Kia Automotive GroupThe Hyundai Kia Automotive Group is South Korea's largest automobile manufacturer, the second largest automaker in Asia after Toyota and the world's fourth largest automaker after Toyota, GM, and Volkswagen as of the end of 2010... - Hyundai Heavy IndustriesHyundai Heavy IndustriesHyundai Heavy Industries Co., Ltd. is the world's largest shipbuilding company, headquartered in Ulsan, South Korea. The company is a subsidiary of Hyundai Heavy Industries Group...
- Hyundai AsanHyundai AsanHyundai Asan is an arm of the South Korean conglomerate Hyundai Group and a major investor in North Korea. The company manages a number of projects, including the Kumgang-san tourist resort and road/rail building operations...
, a division of Hyundai GroupHyundai GroupHyundai Group is a South Korean conglomerate 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 second biggest... - Hyundai Engineering & Construction (HDEC) / Hyundai E&C Group
- Hyundai Department Store GroupHyundai Department Store GroupHyundai Department Store Group operates the Hyundai Department Store chain of department stores in South Korea. In addition, the group operates a range of service industry businesses...
- Hyundai Development Group
- Hyundai Electronics, renamed as HynixHynixHynix Semiconductor Inc. chips and flash memory chips. Founded in 1983, Hynix is the world's second-largest memory chipmaker, the largest being Samsung Electronics. Formerly known as Hyundai Electronics, the company has manufacturing sites in Korea, the U.S., China and Taiwan...
in 2001
HYUNDAI E&C GROUP
- Hyundai Engineering & Construction (HDEC / Hyundai Engineering & Construction Co. Ltd )
- Hyundai Engineering (HEC)Hyundai Engineering (HEC)Hyundai Engineering / Hyundai Engineering Co. LTD is a separate entity and not the same as Hyundai Engineering & Construction . Common mistakes arise when looking at their logos because it is almost the same but below the Pyramid of the Logo you would noticed the distinctions...
, HEC or Hyundai Engineering Co. Ltd - Hyundai Equipment & Steel Industries
- Hyundai Design
- Hyundai Farm
- Hyundai CNI
- Hyundai Hillstate
- Hyundai Education
See also
- Economy of South KoreaEconomy of South KoreaSouth Korea has a market economy which ranks 15th in the world by nominal GDP and 12th by purchasing power parity , identifying it as one of the G-20 major economies. It is a high-income developed country, with a developed market, and is a member of OECD...
- List of Korea-related topics
- CentGasCentGasCentral Asia Gas Pipeline, Ltd. was a consortium formed in the 1990s to develop a project to build the Trans-Afghanistan Pipeline from Turkmenistan's natural gas fields to Pakistan. The consortium had also considered an extension of the pipeline to the New Delhi area...
consortium - List of South Korean companies