Hyundai Group
Encyclopedia
Hyundai Group is a South Korea
n 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 second 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.
After founder Chung Ju-yung
's death in 2001, the component companies of Hyundai were split off into separate companies.
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...
n conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
(Jaebeol) 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...
. 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 chaebol
Chaebol
Chaebol refers to a South Korean form of business conglomerate. They are global multinationals owning numerous international enterprises. The term is often used in a context similar to that of the English word "conglomerate"...
. The company spun off many of its better known businesses after the 1997 Asian financial crisis, including Hyundai Automotive Group
Hyundai Kia Automotive Group
The 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 Department Store Group
Hyundai Department Store Group
Hyundai 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...
, and Hyundai Heavy Industries Group
Hyundai Heavy Industries Group
The Hyundai Heavy Industries Group refers to the group of affiliated companies interconnected by complex shareholding arrangements, with Hyundai Heavy Industries regarded as de facto representative of the Group.- Subsidiaries :* Hyundai Heavy Industries...
.
The Hyundai Group now focuses on elevators, container services, and tourism to Mount Kumgang. As of March 2007, Hyundai Engineering and Construction
Hyundai Engineering and Construction
Hyundai Engineering and Construction Co., Ltd. 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...
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.
Affiliated companies
As of February 2007, these are the affiliated companies of the Hyundai Group.- Hyundai Construction Equipment India Pvt. Ltd.
- 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...
- Hyundai Elevator
- Hyundai LogisticsHyundai LogisticsHyundai Logistics is a Korean logistics and shipping company headquartered in Seoul, Korea, established in 1988. It is part of the family group Hyundai Group....
- Hyundai Merchant MarineHyundai Merchant MarineHyundai Merchant Marine is a South Korean logistics company providing worldwide container shipping services. It was established in 1976 as Asia Merchant Marine...
- Hyundai Securities
- Hyundai Research Institute
- Hyundai U&I
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 ThailandThailandThailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
. - 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 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...
in 1978. - In 1976, Hyundai CorporationHyundai CorporationHyundai Corporation is a South Korean company founded in 1976 as part of the Hyundai Group. It is composed of five divisions: Automobile and Electrical Equipment, Ship and Machinery, Steel, Brand Licensing and Commodities, and Natural Resources...
is established as a trading arm. The same year, Asia Merchant Marine Co. established, later renamed Hyundai Merchant MarineHyundai Merchant MarineHyundai Merchant Marine is a South Korean logistics company providing worldwide container shipping services. It was established in 1976 as Asia 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 LogisticsHyundai LogisticsHyundai Logistics is a Korean logistics and shipping company headquartered in Seoul, Korea, established in 1988. It is part of the family group Hyundai Group....
in 1992. - During 1997 Asian financial crisis, Hyundai acquired Kia MotorsKia MotorsKia Motors , headquartered in Seoul, is South Korea's second-largest automobile manufacturer, following the Hyundai Motor Company, with sales of over 1.4 million vehicles in 2010...
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 KumgangsanKumgangsanKŭmgangsan , Geumgangsan, or Mount Geumgang is a -high mountain in Kangwon-do, North Korea. Its name means "a firm heart in the face of truth". It is about 50 km away from South Korea's Sokcho in Gangwon-do. It is one of the best-known mountains in North Korea...
. In 1999, 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...
was established to operating Kumgang tourism, the Kaesong Industrial Complex, and other inter-Korean work. - In 2001, the founder Chung Ju-yungChung Ju-yungChung 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...
died, and the Hyundai Group conglomerate continued to be dismantled. - In 2007, Hyundai Construction Equipment India Pvt. Ltd. established in India.
- In 2010, Hyundai Group was selected as a preferred bidder by creditors for the acquisition of Hyundai Engineering & Construction.
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
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...
's death in 2001, the component companies of Hyundai were split off into separate companies.