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Hyundai Engineering and Construction Co., Ltd. KRXS: 000720 (abbreviation: HDEC or HEC) 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.[1]
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.[2][3]
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.[4] As of March 2007, HEC is the main shareholder of Hyundai Merchant Marine, which is the de-facto holding company of Hyundai Group. Hyundai Group and Hyundai Heavy Industries (another spin-off from Hyundai Group) are both vying to purchase HEC.[5]
[edit] Major Hyundai Entities (formerly Hyundai Group)
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[edit] External links
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