Hyundai Group - History

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 Thailand.
• 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 Industries in 1978.
• In 1976, Hyundai Corporation is 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 Elevators and Hyundai Electronics were established.
• In 1986, Hyundai Research Institute was established.
• In 1988, Asian Sangsun was established, renamed Hyundai Logistics in 1992.
• 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 2001, the founder Chung Ju-yung 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.