Type : Organization
Hyundai 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 firm and Chung was directly in control of the company until his death in 2001. Hyundai underwent a major restructuring and break-up following the 1997 East Asian financial crisis and Chung's death, following which the rump Hyundai Group's business was reduced to container shipping services, the manufacturing of elevators and tourism. Today most companies bearing the name Hyundai are not legally connected to Hyundai Group, including Hyundai Motor Group, Hyundai Department Store Group, Hyundai Heavy Industries Group and Hyundai Development Company. 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,...