Hyundai Elevator
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Native name | 현대엘리베이터 주식회사 |
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| Company type | Public |
| KRX: 017800 | |
| Industry | Manufacturing |
| Founded | May 23, 1984 |
| Headquarters | , South Korea |
| Products | Elevators, escalators |
| Parent | Hyundai Group |
| Website | hyundaielevator.co.kr (English) |
Hyundai Elevator Co., Ltd. (Korean: 현대엘리베이터 주식회사), a Hyundai Group subsidiary, is a South Korean company that manufactures elevators, escalators, moving walkways, and parking systems. Based in Chungju, South Korea, Hyundai Elevator has six overseas subsidiaries in China, Vietnam, Indonesia, Malaysia, Turkey, and Brazil and agents in 49 countries.[1]
History
[edit]Hyundai Elevator was established as a joint venture between Hyundai Electrical Engineering and Westinghouse Electric in 1984.[2] Schindler Group, a Swiss-based company, succeeded Westinghouse's stake in Hyundai Elevator when Westinghouse disposed of its escalator business in 1989.[3] Hyundai Elevator and Schindler deepened the relationship when KCC, a chemical company run by Hyundai founder's brother Chung Sang-young, attempted to take over Hyundai Group by acquiring Hyundai Elevator in 2003.[4] Hyundai and Schindler agreed for the latter to purchase a 20-percent stake in Hyundai's elevator arm to fight back against KCC in 2004, but the domestic regulation annulled the agreement. Despite the invalidation, Schindler purchased a 25.5 percent stake in Hyundai Elevator from KCC after KCC failed to take over the Hyundai Group in 2006.[5]
In 2019, Hyundai Elevator sold its primary facilities, including the main factory, dormitories, and headquarters, in Icheon to SK Hynix for ₩205 billion (2019) (US$175.91 million). After the disposition, Hyundai relocated its headquarters to Chungju, North Chungcheong, in 2022.[6][1]
See also
[edit]References
[edit]- ^ a b Park, Jae-hyuk (July 13, 2022). "Hyundai Elevator vows global expansion at new headquarters in Chungju". The Korea Times. Chungju.
- ^ Mirabile, Lisa (1998). International Directory of Company Histories. St. James Press. p. 122. ISBN 9781558620124.
- ^ Hicks, Jonathan P. (October 29, 1990). "All About/Elevators; Building Business on a Few Seconds' Edge". The New York Times.
- ^ Koh, Yun-hee (November 8, 2003). "KCC buys stake in Hyundai". Korea JoongAng Daily.
- ^ Kim, Rahn (December 9, 2013). "Hyundai Elevator vs. Schindler". The Korea Times.
- ^ Ko, Jun-tae (May 3, 2019). "Hyundai Elevator sells plant, heads to Chungju". Korea JoongAng Daily.
External links
[edit]
- Official website (English)
- Official website (China)
- Business data for Hyundai Elevator:
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