Hyundai Group

Last updated
Hyundai Group
Founded1947;74 years ago (1947)
Founder Chung Ju-yung
Headquarters Seoul, South Korea
Hyundai Group
Hyundai logo (english).svg
Korean name
Hangul
현대
Hanja
現代
Revised Romanization Hyeondae
McCune–Reischauer Hyŏndae

Hyundai Group (IPA:  [ˈhjəːndɛ] ; [1] Korean : 현대그룹; Hanja : 現代그룹) was 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 Enterprise Group. The company spun off many of its better known businesses after the 1997 Asian financial crisis, including Hyundai Motor Group, Hyundai Department Store Group, and Hyundai Heavy Industries Group. Chung Ju-yung was directly in control of the company until his death in 2001.

Contents

The Hyundai Group now focuses on elevators, container services, and tourism to Mount Kumgang. As of March 2007, Hyundai Engineering and Construction, which was later acquired by the Hyundai Motor Company, is the main shareholder of Hyundai Merchant Marine, which is the de facto holding company of Hyundai Group. Most companies bearing the name Hyundai are not legally connected to Hyundai Group. They include Hyundai Motor Group, Hyundai Department Store Group, Hyundai Heavy Industries Group and Hyundai Development Company. However, most of the former subsidiaries of the Hyundai conglomerate continue to be run by relatives of Chung. If these companies were considered as forming a single broad family business, then it would remain the largest company in South Korea with enormous economic and political power in the country.

Etymology

The name "Hyundai" comes from the Korean word 現代 (hanja form), which means "modernity". [2]

History

The former headquarters of Hyundai in Seoul, South Korea Hdhq.jpg
The former headquarters of Hyundai in Seoul, South Korea

Affiliated companies

As of 2017, these are the affiliated companies of the Hyundai Group. [16]

Hyundai Motor Company

Hyundai branded vehicles are manufactured by Hyundai Motor Company, which along with Kia forms the Hyundai Kia Automotive Group. Headquartered in Seoul, South Korea, Hyundai operates in Ulsan the world's largest integrated automobile manufacturing facility, [2] which is capable of producing 1.6 million units annually. The company employs about 75,000 people around the world. Hyundai vehicles are sold in 193 countries through some 6,000 dealerships and showrooms worldwide. In 2012, Hyundai sold over 4.4 million vehicles worldwide. Popular models include the Sonata and Elantra mid-sized sedans. [17]

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 sponsored conferences on Eastern ethics and funded academic research into traditional Korean culture. In 1991, it established the annual Filial Piety Award. [18]

Former

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.

See also

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Chung Ju-yung South Korean businessman

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Hyundai Sungwoo Holdings Co, Ltd. is a South Korean automotive and auto parts company headquartered in Seoul, South Korea. Chung Soon-yung, the younger brother of Hyundai Group founder Chung Ju-yung, established Sungwoo Automotive in 1987 as part of the Sungwoo Group, which operated Hyundai Cement, Sungwoo Construction, and Hyundai Sungwoo Ski Resort.

Hyundai Samho Heavy Industries

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Asan Medical Center Hospital in Seoul, South Korea

Asan Medical Center (서울아산병원) is a hospital in Seoul, South Korea. It was established to put into practice the founding principles of Asan Foundation founder Chung Ju-Yung. It opened on June 23, 1989, under the name Seoul Jungang (Central) Hospital, and was renamed Asan Medical Center on April 27, 2002. With 2,715 licensed beds and a total area of 85,000 square meters, it is the largest hospital in Korea.

The Mando Corporation (KRX:204320), with headquarters in Seoul, Korea, is the largest global Tier 1 Korean Original Equipment Manufacturer and supplier to General Motors, Cadillac, Ford, Chrysler, Chevrolet, Nissan, Kia Motors Company, Fiat, Volkswagen, BMW, Suzuki, Hyundai Motor Company, and many other global automobile distributors. It has an annual profit topping over US$6 billion every year. It is currently owned and run by the original founding parent company, Halla Group. It was handed over to Halla by Sunsage B.V, a daughter company of JP Morgan.

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References

  1. Pronunciations in English vary. Among the variants are:
  2. 1 2 Taylor III, Alex (5 January 2010). "Hyundai smokes the competition". CNN Money. Retrieved 11 January 2012.
  3. "The last emperor". The Economist. 4 February 1999. Retrieved 11 January 2012.
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  8. "Hyundai Electronics to Be Renamed Hynix". The New York Times. 9 March 2001. Retrieved 10 April 2012.
  9. "IBM home computer clones stream in with quality, low prices". Hyundai, the South Korean maker of one of the hottest and cheapest compact cars on sale in the United States, is beginning to hawk its Blue Chip Computer in more than 500 discount stores nationwide. The unit is compatible with the IBM PC-XT.
  10. "Hyundai Announces Management Changes". The New York Times. 29 December 1995. Retrieved 11 January 2012.
  11. "History of Hyundai Group".
  12. "Hyundai Gives In to Seoul Pressure on Chaebol". The New York Times. 22 April 1999. Retrieved 11 January 2012.
  13. "Hyundai to shed 53 units in debt reduction plan". Asia Times. 27 April 1999. Archived from the original on 25 September 2000. Retrieved 11 January 2012.CS1 maint: unfit URL (link)
  14. Hyundai Group - Company History
  15. "Hyundai Group acquires Hyundai E&C". Added Latest Acquisition. Retrieved 17 November 2010.
  16. "Affiliated Companies of Hyundai Group".
  17. "Hyundai Global News". Archived from the original on 2013-11-18. Retrieved 2019-07-31.
  18. Callahan, William A. (2006). Cultural Governance and Resistance in Pacific Asia, p. 113. Taylor & Francis. ISBN   0-415-36899-5