Asan-i’s Hyundai Group began to be split into the so-called’Prince’s Egg’ in 2000, a year before his death, and is now called Pan-Hyundai Street. Pan-Hyundai Street is emerging as a global company in each field, working in major industries such as automobiles, shipbuilding, construction, distribution, and materials.
Beomhyung, who gathered for the 19th anniversary of Jung Ju-young last year ◇ Hyundai Group split into’Prince’s Egg’… End internal conflict
Until the 1990s, Hyundai Group grew into the largest corporate group in Korea, covering major industries such as construction, shipbuilding, automobiles, distribution, electronics, and finance.
In particular, in March 2000,’Prince of the Prince’ conflict between Hyundai Motor Group’s honorary chairman Chung Mong-koo, the second son of Honorary Chairman Chung Ju-young and Hyundai Group Chairman Chung Mong-hun, the fifth son, over the management rights of the group, became a turning point in history in Pan-Hyundai.
Honorary Chairman Chung Mong-koo rebelled against this when his father tried to appoint his younger brother, Chairman Chung Mong-hun, as the successor, and separated from the Hyundai Group with 10 automobile-related subsidiaries.
The sixth son, Chung Mong-jun, chairman of the Asan Foundation, also separated the Hyundai Heavy Industries Group.
Chairman Chung Mong-Heon is Hyundai E&C, the parent of the group[000720]With 26 affiliates, including Hyundai Merchant Marine and Hyundai Electronics, the company continued its prestige, but the trial continued.
Hyundai Electronics and Hyundai E&C entered joint management by creditors in early 2001 due to accumulated insolvency after the financial crisis, and took their father’s maintenance and devoted themselves to North Korea business, and in August 2003, in the midst of a special investigation of illegal remittances to North Korea, they took their lives. .
Afterwards, Chairman Chung Mong-Heon’s wife, Hyun Jung-eun, took over the group, but Pan-Hyundai’s internal conflict did not stop.
The youngest younger brother of the honorary chairman Chung Ju-young, then KCC Chairman Sang-young Sang-young, had a hostile takeover by buying a stake in Hyundai Merchant Marine in 2006 by Hyundai Heavy Industries, chairman Chung Mong-joon, who is the majority shareholder of Hyundai Merchant Marine’s chairman. · Attempted mergers and acquisitions (M&A).
In 2010, honorary chairman Chung Mong-koo and current chairman collided over the acquisition of Hyundai E&C.
The internal conflict of Pan-Hyundai Street was ended to some extent in the 2010s, and the second and third generations of Pan-Hyundai Street are meeting with the honorary Chairman Chung Ju-young on March 21 every year.
Footsteps of Hyundai Ju-young Chung, Honorary Chairman ◇ Hyundai car towering after separation… Evaluation of surpassing Hyundai Group
The Hyundai Motor Group, led by Honorary Chairman Chung Mong-koo, showed the most remarkable growth among the divided groups from the Hyundai Group.
The Hyundai Motor Group, which was separated after the’Prince’s Egg’, has continued to grow rapidly for 20 years and has established itself as a global company. In 2010, it surpassed Ford and ranked 5th in the world in terms of finished vehicle sales.
When it was separated from the Hyundai Group, its assets were 31,723 billion won. After Samsung, Hyundai, LG, and SK, it was ranked 5th in the financial world in terms of assets, but now it maintains the 2nd place after Samsung Group.
Last year, Hyundai Motor Group’s assets increased 8 times in 20 years to 248 trillion 61 billion won.[005380] Single sales exceeded 160 trillion won in 2019 and 2020 in a row.
Since last year, as Chairman Eui-sun Eui-sun, the son of Chairman Chung Mong-koo, took office, the transition to a future mobility company is also accelerating.
In particular, in the electric vehicle sector, it ranked fourth in global sales last year, and is expanding its business area to robots and UAM (city center air mobility), etc., away from traditional automobile companies.
Hyundai Motor Group also acquired Hyundai E&C, the parent of Hyundai Group in 2011, and was evaluated for securing Hyundai Group legitimacy.
Furthermore, Hyundai Mobis[012330], Hyundai Steel[004020], Hyundai Card, Hyundai Motor Securities[001500], Hyundai Rotem[064350]There are also many opinions that it has surpassed the status of Hyundai Group in the past, in that it has 55 affiliates, such as Kia and Kia, and has strengthened its global brand position.
Hyundai Heavy Industries executives worshiping Sunyoung, Honorary Chairman Chung Ju-young ◇ Hyundai Heavy Industries and Hyundai Department Store also stand out… Hyundai Group, Joo-young Jung keep going
The’direct’ groups that stand out after the Hyundai Motor Group are the Hyundai Heavy Industries Group and the Hyundai Department Store Group.
Hyundai Heavy Industries Group, which is the majority shareholder of Chairman Chung Mong-joon, is the 9th largest business group with sales of 48 trillion won with 30 affiliates.
In particular, Hyundai Heavy Industries Group is unrivaled in the world’s No. 1 shipbuilding sector. This year, Daewoo Shipbuilding & Marine Engineering[042660]If it takes over, it leaps to the 7th place in the business world.
Hyundai Heavy Industries Group did not settle for shipbuilding, but expanded its scope to related businesses such as oil refining and construction machinery.[267250] With the vice president at the center, it is actively investing in new growth businesses such as robots, artificial intelligence (AI), and hydrogen.
The third son of honorary chairman Chung Ju-young, honorary chairman Chung Mong-geun, is also experiencing remarkable growth in the distribution field.
It is the 21st place in the business world with sales of 20 trillion won, and under the lead of Chairman Ji-sun Ji-sun, it is reborn as a comprehensive distribution company that encompasses the fields of fashion, living, and construction materials.
In addition, Beom-Hyundai’s’Bangye’ is the HDC Group, KCC Group, and Halla Group, led by the younger brother and nephew of Emeritus Chairman Chung Ju-young.
On the other hand, Hyundai Group, which had taken over, sold Hyundai Securities, Hyundai Logistics, and Hyundai Merchant Marine in succession due to the liquidity crisis, and fell into a mid-sized group with sales of KRW 3 trillion. Hyundai Group is Hyundai Elevator[017800]As a holding company, it has 11 affiliates.
Hyundai Group’s North Korea business was also hit by the Cheonan incident and the suspension of the Kaesong Industrial Complex.
In addition, Hyundai Electronics (now SK Hynix), Hyundai Securities (now KB Securities), and Hyundai Merchant Marine (now HMM), which have passed from Pan-Hyundai Street to other groups, are leading the field.
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