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.
Read more about this topic: Hyundai Group
Famous quotes containing the word history:
“The principal office of history I take to be this: to prevent virtuous actions from being forgotten, and that evil words and deeds should fear an infamous reputation with posterity.”
—Tacitus (c. 55–c. 120)
“Universal history is the history of a few metaphors.”
—Jorge Luis Borges (1899–1986)
“Postmodernism is, almost by definition, a transitional cusp of social, cultural, economic and ideological history when modernism’s high-minded principles and preoccupations have ceased to function, but before they have been replaced with a totally new system of values. It represents a moment of suspension before the batteries are recharged for the new millennium, an acknowledgment that preceding the future is a strange and hybrid interregnum that might be called the last gasp of the past.”
—Gilbert Adair, British author, critic. Sunday Times: Books (London, April 21, 1991)