50th Anniversary of Hyundai Engineering: "Leap to a New Value-Creating Company"

by Sim NaYoung

Published 06 Feb.2024 16:00(KST)

Announcement of 'Next HEC,' the Future Vision for Becoming a 100-Year Company

Hong Hyun-sung, CEO of Hyundai Engineering, presenting the future vision at the 50th anniversary founding ceremony

Hyundai Engineering announced on the 6th that it will leap forward as a company creating new value beyond construction to mark its 50th anniversary.

On the same day, Hyundai Engineering held a 50th anniversary ceremony at its headquarters in Gye-dong, Jongno-gu, Seoul, presenting its future vision for becoming a 100-year company, 'Next HEC (Hyundai Engineering Co., Ltd),' and the slogan 'CREATE THE GREAT,' meaning "to leap forward as a company that creates great value in all business areas."

This signifies the company's intention to encompass not only tangible values such as buildings and facilities but also intangible values like energy and services, while advancing as a company equipped with the highest quality and technology.

At the ceremony, CEO Hong Hyun-sung stated, "Our ultimate goal is not to be a leading domestic general construction company, but to transcend general construction companies and become a company that creates new value."

He added, "We must no longer be confined to construction alone and shift our management paradigm from 'delivering objects' such as buildings or facilities to 'providing value' that delivers value across our lives, including economy, humanity, and nature."

Hyundai Engineering started in 1974 as 'Hyundai General Technology Development,' a company specializing in plant and infrastructure design. It entered the engineering, procurement, and construction (EPC) business in 2006. Its growth accelerated after joining Hyundai Motor Group in 2011.

In 2014, it expanded its business areas to include plant, infrastructure, architecture, and asset management by merging with 'Hyundai EMCO,' a construction company affiliated with Hyundai Motor Group. Last year, it ranked 4th in construction capability evaluation.

The number of employees has grown from 29 in 1974 to about 7,000 currently. Starting with initial sales of 110 million KRW, last year's sales are expected to have exceeded 10 trillion KRW.

Having expanded into 65 countries overseas, it has solidified its position in the global market and extended its business into next-generation energy fields such as plastic waste-to-energy (P2E), small modular reactors (SMR/MMR), hydrogen, offshore wind power, and solar power, alongside its existing businesses.

The ceremony included awards for outstanding employees and special contributors at construction sites, viewing of a 50th anniversary congratulatory video, and sharing of the future vision.