1st Anniversary of Hyundai Heavy Industries Group's Three Construction Equipment Companies... "Top 5 Worldwide by First Half of Next Year"

Incheon Headquarters Hosts 'Construction Machinery 3 Companies 1st Anniversary Event'

Hyundai Genuine and Hyundai Doosan Infracore President Cho Young-chul is delivering a commemorative message on the occasion of the first anniversary of the launch of the three construction machinery companies.

[Asia Economy Reporter Park Sun-mi]“The first half of next year is the golden hour for leaping into the global top 5 in the construction machinery sector.”

The three construction machinery companies under Hyundai Heavy Industries Group (Hyundai Genuine, Hyundai Construction Equipment, Hyundai Doosan Infracore) have marked their first anniversary since their launch. On the 19th, Cho Young-chul, President of Hyundai Genuine, emphasized the need to realign employee mindsets, improve organizational culture, establish mid- to long-term growth strategies, and accelerate integration synergies during the anniversary ceremony of the three companies’ construction machinery division.

Representing the CEOs of the three companies, President Cho delivered an anniversary message sharing future strategies with employees. He evaluated, “The past year was a time to lay the groundwork for maximizing synergies across all sectors among the three companies.” He added, “The business environment is challenging due to interest rate hikes, rising raw material costs, and a longer-than-expected downturn in the Chinese market. To achieve our goal of becoming a global top 5 player, the first half of next year is the ‘golden hour’ given to us.”

To this end, President Cho called for employees to adopt a mindset and attitude equivalent to emergency management, pledged to reduce unnecessary meetings, simplify reporting systems to enable swift decision-making, and improve organizational culture. He also stated that they will soon establish and implement mid- to long-term growth strategies, including product portfolio improvements and more differentiated regional strategies, to grow beyond the global top 5 into a top-tier company.

Finally, he emphasized, “Let us continue to accelerate this across all areas such as procurement and technology, and move forward as a company that can sustain itself not only for the next 50 years but for 100 years.”

The event proceeded with a special lecture by Professor Ryu Han-su, a Russia expert, synergy awards, a tree-planting ceremony, and a joint labor-management site inspection.

Professor Ryu from the Department of Historical Contents at Sangmyung University delivered a special lecture on the causes of the Russia-Ukraine war and the subsequent changes in the international order. The lecture was organized to explore strategies in response to changes in the business environment in regions such as Russia and Ukraine where Hyundai Construction Equipment and Hyundai Doosan Infracore sell construction machinery. After the lecture, key executives exchanged opinions. Following this, awards were given to groups and individuals who contributed to creating synergies among the three construction machinery companies.

After the commemorative event, Vice Chairman Son Dong-yeon, President Cho Young-chul, CEO Oh Seung-hyun, and labor union representatives from Hyundai Construction Equipment and Hyundai Doosan Infracore held a persimmon tree planting ceremony at Core Park located within the Incheon plant, symbolizing the integration of the three companies. Afterwards, labor and management jointly toured the construction machinery and engine factories within the Incheon plant to inspect the safety status of equipment and facilities and to encourage employees.

This content was produced with the assistance of AI translation services.