Hyundai Group

Etymology

The name "Hyundai" comes from the Korean word (), meaning "modernity".

History

In 1947, Hyundai Togun (Hyundai Engineering and Construction), the initial company of the Hyundai Group, was established by Chung Ju-yung. Hyundai Construction began operating outside of South Korea in 1965, initially entering the markets of Guam, Thailand and Vietnam. In 1950, Hyundai Togun was renamed Hyundai Construction. In 1958, Keumkang Company was established to make construction materials. In 1965, Hyundai Construction began its first overseas venture, a highway project in Thailand.

In 1967, Hyundai Motors was established. Hyundai Heavy Industries was founded in 1973, and completed the construction of its first ships in June 1974. In 1975, the group began construction on an integrated car factory and launched a new Korean vehicle. In 1973, the group's shipyard was incorporated as Hyundai Shipbuilding and Heavy Industries and renamed Hyundai Heavy Industries in 1978. In 1976, Hyundai Corporation was 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 entered the semiconductor industry through the establishment of Hyundai Electronics (renamed Hynix in 2001). In 1986, Hyundai Research Institute was established.

In 1986 a Hyundai-manufactured IBM PC-XT compatible called the Blue Chip PC was sold in discount and toy stores throughout the US. It was one of the earliest PC clones marketed toward consumers instead of business. In 1988, Asian Sangsun was established, renamed Hyundai Logistics in 1992.

By the mid-1990s Hyundai comprised over 60 subsidiary companies and was active in a diverse range of activities including automobile manufacturing, construction, chemicals, electronics, financial services, heavy industry and shipbuilding. In the same period it had total annual revenues of around US$90 billion and over 200,000 employees. In December 1995, Hyundai announced a major management restructuring, affecting 404 executives.

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. In April 1999 Hyundai announced an enormous corporate restructuring, involving a two-thirds reduction of the number of business units and a plan to break up the group into five independent business groups by 2003. In 2001, the founder Chung Ju-yung died, and the Hyundai Group conglomerate continued to be dismantled.

In 2007, Hyundai Construction Equipment India Pvt. Ltd. was established in India. In 2010, Hyundai Group was selected as a preferred bidder by creditors for the acquisition of Hyundai Engineering & Construction.

Logo

File:Hyundai logo (1957).svg|1957-1974 logo File:Hyundai logo (1974).png|1974-1984 logo File:Hyundai symbolmark.png|The current logo in use since 1984 Hyundai logo (hanja).svg|Hanja variant

Affiliated companies

As of 2017, these are the affiliated companies of the Hyundai Group.

• Hyundai Power Equipment
• Hyundai Elevator
• Hyundai Movex
• Hyundai Asan
• Hyundai Research Institute
• Hyundai Investment Partners
• Hyundai Global
• Able Hyundai Hotel & Resort
• Bloomvista
• Hyundai Network
• Hyundai GBFMS

References

References

1. (19 May 2023). "Hyundai Group". [[Encyclopedia Britannica]].
2. Taylor III, Alex. (5 January 2010). "Hyundai smokes the competition". CNN Money.
3. (4 February 1999). "The last emperor". The Economist.
4. (2009). "The Changing Face of Korean Management". Taylor & Francis.
5. (22 March 2001). "Chung Ju Yung, Founder of Hyundai Empire, Dies at 85". The New York Times.
6. (26 April 2001). "As Korean Heirs Feud, an Empire Is Withering; Change and Frail Finances Doom the Old Hyundai". The New York Times.
7. (1999). "Made in Korea: Chung Ju Yung and the Rise of Hyundai". Routledge.
8. (9 March 2001). "Hyundai Electronics to Be Renamed Hynix". The New York Times.
9. "IBM home computer clones stream in with quality, low prices". [[The Christian Science Monitor]].
10. (29 December 1995). "Hyundai Announces Management Changes". The New York Times.
11. "History of Hyundai Group".
12. (22 April 1999). "Hyundai Gives In to Seoul Pressure on Chaebol". The New York Times.
13. (27 April 1999). "Hyundai to shed 53 units in debt reduction plan". Asia Times.
14. [http://www.fundinguniverse.com/company-histories/Hyundai-Group-Company-History.html Hyundai Group – Company History]
15. "Hyundai Group acquires Hyundai E&C". Added Latest Acquisition.
16. "Affiliated Companies of Hyundai Group".