About Hyundai Engineering & Construction Company
Hyundai Engineering and Construction Co., Ltd. (abbreviation: HDEC) is a major construction company in South Korea. 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
Hyundai Construction played a major role in the importation of Korean laborers to the Middle East to work on construction projects in the 1970s and 1980s. In the decade following 1975, 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.
Under creditors' management with Korea Exchange Bank as the largest creditor, Hyundai Group was split into several entities from 2001 to 2006.] As of March 2007, HDEC is the main shareholder of Hyundai Merchant Marine, which is the de facto holding company of Hyundai Group. Hyundai Group and Hyundai Motor Group (another spin-off from Hyundai Group) are both vying to purchase HDEC.
In 2011, Hyundai Motor Group became the new owner of Hyundai Eng. & Const.,co.,Ltd. This was determined by Korean banks' decision after defeating Hyundai (Merchant marine: the 2nd largest shipping co., in Korea after Hanjin shipping) Group.
Since its launch in 1947, Hyundai E&C has played a key role in modernizing and globalizing Korea’s construction industry as a driving force for the country’s growth. In 1966, it became the first Korean construction company to enter overseas markets, and has been leading the development of Southeast Asia and the Middle East to promote Korea's technological prowess.
In the Fourth Industrial Revolution era, Hyundai E&C is preparing for the future together with Hyundai Motor Group. With a triangular formation of groups—alongside its automobile and steel companies—Hyundai E&C is leading the paradigm shift in the construction industry based on the convergence between industries.
Hyundai E&C strives to increase productivity by introducing Fourth Industrial technologies such as AI, big data, drones, and smart home innovation in construction. By exploring new future businesses, increasing our competitive edge in order-taking and our execution of projects, we will maximize added value for our stakeholders, including shareholders, customers, business partners, and employees.
Hyundai E&C works hard to lay the foundation for sustainable management through transparent business management, eco-friendly business operation, and win-win cooperation with business partners.
With the continued support of our customers, Hyundai E&C will continue to move forward to become a leading global company with consistent passion and a pioneering spirit.
