The founder of the HYUNDAI group of companies, Jung Joo Yong, until the end of his days was known as one of the most powerful oligarchs in Korea - he even ran for president of the country in 1992.
In 1946, this workshop became the first enterprise that bore the name HYUNDAI. However, the official countdown of the history of super-chaebol (chaebol - family holding) began a year later - in 1947, when the construction company HYUNDAI CIVIL INDUSTRIES (later - HYUNDAI CONSTRUCTION) was founded.
At first, the company employed 11 people under the leadership of Jung Joo Yong, and already in 1987, the holding included 34 subsidiaries, employing 159 thousand people and managed by members of the family of Jung Joo Yong. The diversified family firm produced steel, machine tools, locomotives, ships, electronics, construction, petrochemicals, automobiles and insurance.
In 1970, Chung Joo Yong decided to go into shipbuilding, despite the fact that Hyundai had no experience, capital or technology. However, Hyundai was able to get orders for two 260,000 DWT oil tankers from Greek tycoon George Livanos, even though Hyundai's Shipyard was still in development.
The word 현대 (Korean 현대, 現代) in translation from Korean means “modernity”.
Creation of Hyundai Heavy Industries
On March 23, 1972, HYUNDAI HEAVY INDUSTRIES was founded, which has become by now the largest shipbuilding company.
In February 1985, Hyundai Construction Equipment Division (HCE) was established in Hyundai Heavy Industries Co., Ltd. , which was engaged in the production of industrial equipment, heavy construction and handling special equipment.
The first excavators under its own brand rolled off the assembly line in 1988. These were excavators weighing 21 and 29 tons. By March 2000, the special equipment division had produced 50,000 vehicles. At the moment, the line of HYUNDAI special equipment includes:
Skidsters and bulldozers.
HYUNDAI has achieved the greatest success in the production of excavators. Today, the company's worldwide network includes 470 distributors in more than 100 countries around the world who provide after-sales services.
HYUNDAI - high quality equipment from a leading Korean manufacturer of construction and loading equipment. HYUNDAI manufactures over 10 thousand items of warehouse and industrial transport equipment.
Due to the wide range and high degree of reliability of the supplied equipment, as well as the availability of service and technical base, Hyundai ensures efficient, high-performance performance of any production cycle.
Using modern technology and scientific advances to maximize the quality of its products, the department was able to develop its own product line, which includes excavators, wheel loaders, forklifts and more.
Moreover, the Construction and Material Handling Department has established a global, international distribution network for its products, which includes 412 dealers in 90 countries in Europe, America and Asia. Their activities are controlled by the company's representative offices in Europe, USA.