Hyundai Engineering & Construction
Hyundai Engineering and Construction Co., Ltd. KRX: 000720 (abbreviation: HDEC) is a major construction company in South Korea which has carried out projects not only in Korea but around the world. The company was founded by Chung Ju-yung in 1947 as the Hyundai Civil Works Company, and was a major component of the Hyundai Group. Hyundai Construction and Hyundai Engineering merged in 1999.
Hyundai Construction played a major role in the importation of Korean labourers to the Middle East to work on construction projects there in the 1970s and 1980s; in the decade following 1975, when Hyundai signed their first contract in the region, for construction of a shipyard for the Iranian Navy near Bandar-e Abbas, 800,000 Koreans went to work in Saudi Arabia, and another 25,000 went to Iran; Hyundai was their largest employer.
The company was under creditors' management (Korea Exchange Bank being the largest creditor) from 2001 to 2006, as Hyundai Group was split into several entities. As of March 2007, HDEC is the main shareholder of Hyundai Merchant Marine, which is the de facto holding company of Hyundai Group. Hyundai Group and Hyundai Motor Group (another spin-off from Hyundai Group) are both vying to purchase HDEC.
Hyundai Motor Group is a new owner of Hyundai Eng. & Const.,co.,ltd in 2011 by Korean banks' decision after defeating Hyundai (merchang maarine: the 2nd largest shipping co., in Korea after Hanjin shipping ) Group.
Read more about Hyundai Engineering & Construction: Key Landmark Construction Sites, Major Hyundai Entities (formerly Hyundai Group), Hyundai E&C Group, Notable People
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