Inheritance of Hyundai Tradition

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Chairman Chung Mong-koo of Hyundai Motor Group, which recently finalized its take over of Hyundai Engineering and Construction Co., the company that his late father Ju-yung built and used to be the mother company of the Hyundai Group.

Chairman Chung Mong-koo of Hyundai Motor Group for the first time in a decade presided over a meeting at the old building in Kye-dong in downtown Seoul where Hyundai Engineering and Construction Co. is located - and where his late father Ju-yung had his office - with key executives of the construction firm on April 1.
The motor group took over the construction firm, founded by his late father Ju-yung, which eventually became the backbone of the Hyundai Group. The construction company has been under the control of the Korea Development Bank since 2008 after the company was put under court management due to its poor financial condition.
Chung told the construction company’s executives to do their best to further develop their company, now an affiliate of Hyundai Motor Group, appreciating at the same time their successful effort in normalizing the construction company’s financial health, and reminding them that the group will also lend a hand to improve the new affiliate’s operations in the future.
In the afternoon, Chung and the key executives of Hyundai Construction and CEOs and vice presidents of all affiliates of Hyundai Motor Group attended a lunch at a downtown hotel. Chung plans to come to his office in the old building from time to time to take care of important matters for Hyundai Construction and also to see how the company is doing. Chung set up Hyundai Motor Group with Hyundai Motor and Kia Motors splitting from Hyundai Group and moved to a new office building in Yangjae-dong, Seoul, in 2001.
In the meantime, Hyundai Construction shareholders’ and board of directors’ meetings on March 31 named both Vice Chairmen Kim Chang-hee and Kim Joong-kyum joint representative directors of the company. Vice Chairman Kim will take charge of management while President Kim will take charge of the company’s domestic and overseas projects.
The shareholders have agreed to expand the company’s business territories to resources exploration, plant design, construction and waste water reuse and facilities for water and environment and underground development. Vice Chairman Kim is a career marketing expert, having spent more than two decades in automobile marketing for Hyundai Motor. In 2005, he was promoted to head Hyundai Emco as CEO, taking charge of the businesses related to the expansion of Hyundai Steel, while doubling the sales of Hyundai Emco. He also were heads of Hyundai Haebichi Leisure and Resort and Haebichi Country Club.
President Kim joined Hyundai Construction in 1976 and was promoted to his current position in 2009. He has been credited with boosting the company’s annual sales to over 1 billion won in 2010 and playing a big role in securing the nuclear power plant project in the United Arab Emirates last year.
‘Korean-style nuclear plants are the best in terms of safety and effectiveness and it will serve as a good model case in the Middle East,’ South Korean President Lee Myung-bak stated in the groundbreaking ceremony for a nuclear power plant in the United Arab Emirates.
Hyundai E&C marked another milestone in its 40-year history of nuclear plant construction. Hyundai E&C held a groundbreaking ceremony for initial work at the proposed nuclear power plants in Braka, along the west coast of Abu Dhabi, on March 14. President Lee, General Sheikh Mohammed bin Zayed Al Nahyan, the crown prince of Abu Dhabi, Korean and UAE dignitaries and senior officials from relevant organizations attended the event, which was held in a simple way since Japan is in shock over a possible meltdown of its reactors attributable to the recent earthquake.
The APR 1400, which is to be built by Hyundai E&C, is a Korean advanced light water reactor adopted for Shin Kori Units 3 and 4 and it is recognized as the safest third-generation reactor. Hyundai E&C CEO Kim Joong-kyum and officials pledged that the company will build an earthquake-resistant nuclear plant which is safe enough to withstand even an 8.5 magnitude earthquake with an epicenter 500 kilometers away of the site triggering a big tsunami.
‘Korean companies will build world-class nuclear reactors in the UAE,’ Lee said in the groundbreaking ceremony. ‘ nw


Photo on courtesy of Hyundai Motor Group