Hyundai
Hyundai (/ˈhjʌndɛ/)[1] 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 company and Chung was the CEO and directly in control of the company until the end of his life. Two of the best-known Hyundai subsidiaries were Hyundai Motor Company, the world's fourth-largest automobile manufacturer by volume as of January 2011,[2] and Hyundai Heavy Industries, currently the world's largest shipbuilder.[3]
Hyundai underwent a massive restructuring following the 1997 East Asian financial crisis and Chung's death in 2001. Following the break-up, the rump Hyundai Group's business was reduced to manufacturing of elevators, container shipping services, and tourism. Today many companies bearing the name Hyundai are not part of or legally connected to the Hyundai Group. These companies include Hyundai Kia Automotive Group (including Hyundai Motor Company), Hyundai Department Store Group, Hyundai Heavy Industries Group, and Hyundai Development Group.
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.
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[edit] Name
The word "Hyundai" means "modernity" in Korean.[4]
[edit] History
Hyundai was founded as a small construction firm by Chung Ju-yung in 1947.[5]
Hyundai Motor Company was founded in 1967.[6] Hyundai Heavy Industries was founded in 1973.[7]
Hyundai announced a major management restructuring in December 1995, affecting 404 executives.[8]
In April 1999 Hyundai announced a major 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.[9][10]
[edit] 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[11] 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.[12]
[edit] Corporate social responsibility
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.[13]
[edit] See also
[edit] References
[edit] External links
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