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Hyundai
Former type Chaebol
Fate Broken-up
Founded 1947
Founder(s) Chung Ju-yung
Defunct 2003
Headquarters Seoul, South Korea
Industry Conglomerate
Products Automobiles
Heavy industry
Finance and Insurance
Construction
Engineering
Retail
Aerospace
Defense
Steel

Hyundai was a multinational conglomerate company headquartered in Seoul and one of the largest South Korean chaebol. It was founded by Chung Ju-yung in 1947 as a construction firm and Chung was directly in control of the company until his death in 2001.

Hyundai underwent a major restructuring and break-up following the 1997 East Asian financial crisis and Chung's death, following which the rump Hyundai Group's business was reduced to container shipping services, the manufacturing of elevators and tourism. Today most companies bearing the name Hyundai are not legally connected to Hyundai Group, including Hyundai Motor Group, Hyundai Department Store Group, Hyundai Heavy Industries Group and Hyundai Development Company.

Most of the former subsidiaries of the Hyundai chaebol continue to be run by Chung's sons or their heirs. If these companies are considered as forming a broad family business, then it remains the single largest company in South Korea, with enormous economic and political power in the country.


History Edit

Hyundai was founded as a small construction firm by Chung Ju-yung in 1947.[1] Hyundai Construction began operating outside of South Korea in 1965, initially entering the markets of Guam, Thailand and Vietnam.[2]

Hyundai Motor Company was founded in 1967.[3] Hyundai Heavy Industries was founded in 1973,[4] and completed the construction of its first ships in June 1974.[5]

In 1983 Hyundai entered the semiconductor industry through the establishment of Hyundai Electronics (renamed Hynix in 2001).[6]

Hyundai announced a major management restructuring in December 1995, affecting 404 executives.[7]

In April 1999 Hyundai announced a major 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.[8][9]

OperationsEdit

Hdhq

The former headquarters of Hyundai in Seoul

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.[2] In the same period it had total annual revenues of around US$90 billion and over 200,000 employees.[2]

Hyundai Motor Company Edit

Main article: Hyundai Motor Company

Hyundai branded vehicles are manufactured by Hyundai Motor Company, which along with Kia comprises the Hyundai Kia Automotive Group. Headquartered in Seoul, South Korea, Hyundai operates the world's largest integrated automobile manufacturing facility[10] in Ulsan, which is capable of producing 1.6 million units annually. The company employs about 75,000 persons around the world. Hyundai vehicles are sold in 193 countries through some 6,000 dealerships and showrooms worldwide. In 2010, Hyundai sold over 1.7 million vehicles worldwide. Popular models include the Sonata midsize sedan and Elantra compact.[11]

Corporate social responsibilityEdit

Hyundai and its subsidiaries created a variety of initiatives in the social sphere, initially in Korea and then internationally as the company expanded. The Asan Foundation, established by Chung Ju-yung in 1977 with 50 percent of the stock of Hyundai Construction, subsidizes medical services in Korea primarily through the Asan Medical Center and six other hospitals. The Foundation has also sponsored conferences on Eastern ethics and funded academic research into traditional Korean culture. In 1991, it established the annual Filial Piety Award.[12]

ProductsEdit

Affiliated companiesEdit

Hyundai Roblex 210 LC-7 with FOPS guard - P3150035

A Roblex 210LC-7 with a FOPS guard at work on site clearance

Hyundai Construction Equipment is a part of Hyundai Group of South Korea.

HistoryEdit

Hyundai started building Excavators in 1985. they now sell them in most of the worlds markets. They claim to be No.1 in China.

  • Sep. 2012 *Hyundai Cummins Engine Company (HCEC) - Established in 2012 in Daegu, South Korea, a 50/50 joint venture with Cummins
  • Mar. 2006 A/S Training Center Open
  • Apr. 2004 Established HYUNDAI-JIANGSU factory in China.
  • Nov. 2003 Established HYUNDAI-JIANGSU Inc. in China.
  • Aug. 2002 Established Beijing Joint Venture Company in China.
  • Mar. 2000 Exceeded 50,000 of heavy machine production.
  • Mar. 1999 United Hyundai Heavy Industries Co., Ltd. from domestic Hyundai Motor Company.
  • Dec. 1995 Europe Overseas Inc. moved to Belgium.
  • Jan. 1995 Established Changzhou Joint Venture Company in China.
  • Jan. 1994 Merged with Construction Equipment Division of Hyundai Heavy Industries Co., Ltd.
  • Aug. 1993 Established Rotterdam Overseas Inc. in Netherlands.
  • Jun. 1992 Established the 2nd factory for assembling (9,300 m2).
  • Nov. 1991 Established Chicago Overseas Inc. in US.
  • Sep. 1989 Became independent to Hyundai Heavy Industries Co., Ltd.
  • Aug. 1989 Extended 1st factory (12,700 m2).
  • Aug. 1988 Developed own brand excavators (21ton, 29ton).
  • Jul. 1988 Entry into domestic market from releasing of Industry Rationalization Management (Hyundai Motor Service is Sold).
  • Jan. 1987 Separated from Department of Construction Equipment at Division of Heavy machine to Construction Equipments Division and established the 1st step factory.
  • Feb. 85 Department of Construction Equipments developed a new start at Division of Heavy Machine in Hyundai Heavy Industries Co., Ltd.

From Hyundi web site.

Recently they have introduced the ROBLEX branded range of machines

Model RangeEdit

Hyundai excavators - IMG 8561

Hyundai excavators at a UK dealership

Hyundai Roblex 200LC with clamshell grab - IMG 1665

A Hyundai Roblex 200LC fitted with extension dipper and Clamshell grab used to unload boats at a fishing port in ROI

Hyundai HL770-9 wheel-loaders - IMG 8551

A pair of new Hyundai HL770-9 wheeled loaders

Dash 7 series
Dash 9 series

See alsoEdit


ReferenceEdit

  1. "The last emperor", The Economist (4 February 1999). Retrieved on 11 January 2012. 
  2. 2.0 2.1 2.2 (2009) The Changing Face of Korean Management. Taylor & Francis, 10. ISBN 0-415-77400-4, 9780415774000. 
  3. "Chung Ju Yung, Founder of Hyundai Empire, Dies at 85", The New York Times (22 March 2001). Retrieved on 11 January 2012. 
  4. "As Korean Heirs Feud, an Empire Is Withering; Change and Frail Finances Doom the Old Hyundai", The New York Times (26 April 2001). Retrieved on 11 January 2012. 
  5. (1999) Made in Korea: Chung Ju Yung and the Rise of Hyundai. Routledge, 96. ISBN 0-415-92050-7, 9780415920506. 
  6. "Hyundai Electronics to Be Renamed Hynix", The New York Times (9 March 2001). Retrieved on 10 April 2012. 
  7. "Hyundai Announces Management Changes", The New York Times (29 December 1995). Retrieved on 11 January 2012. 
  8. "Hyundai Gives In to Seoul Pressure on Chaebol", The New York Times (22 April 1999). Retrieved on 11 January 2012. 
  9. "Hyundai to shed 53 units in debt reduction plan", Asia Times (27 April 1999). Retrieved on 11 January 2012. 
  10. Taylor III, Alex (2010-01-05). "Hyundai smokes the competition", CNN. 
  11. The Wall Street Journal. Auto Sales
  12. Callahan, William A. (2006). Cultural Governance and Resistance in Pacific Asia, p. 113. Taylor & Francis. ISBN 0-415-36899-5
  • Hyundai web site
  • Earthmovers magazine


External linksEdit

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