Hyundai News, Videos, and Information

Tue January 16, 2001

Hyundai Names New President of North American Operations

Hyundai Construction Equipment has announced that J.J. Kim will replace C.M. Lee as president of North American operations. Lee has served as president of HCE since 1994. He will continue to be an integral part of the company by supporting North American operations from headquarters in Korea....

Thu January 04, 2001

Hyundai Engineering Plans Spinoff

Hyundai Engineering & Construction Co. said it will spin off some of its design and building operations to cut debt. The restructuring will shed 2,000 employees from Hyundai Engineering, which currently has 7,200 workers, said Park Jong-kil, a company spokesman. The plan called for Hyundai Engineering to spin off its department that designs electric-power and chemical plants....

Sat January 29, 2000

Con-Equip Named Hyundai Dealer

Hyundai Construction Equipment announced its new relationship with Con-Equip Inc., headquartered in Houston, TX. The company, founded by George Nevins in 1989, carries Link-Belt cranes, Moxy off-road haul trucks, Bell off-road haul trucks, Hamm compaction equipment, and now Hyundai excavators and wheel loaders....

Thu November 16, 2000

Korea Hyundai Gets Lifeline From Brunei

Cash-strapped builder Hyundai Engineering and Construction got a lifeline recently when the Sultan of Brunei agreed to speed up reimbursement on a construction contract and a state-run agency offered an advance payment for the sale of reclaimed land. Hyundai Engineering said it would receive up to $184.5 million from Korea Land Corp as an advance on the sale of reclaimed land. One of the world’s richest men, Sultan Hassanal Bolkiah of Brunei, also emerged as a rescuer to Hyundai Engineering, drowning in $4.4 billion of debt. The Sultan agreed after meeting President Kim Dae-jung to expedite the payment of $38 million the tiny sultanate on the east coast of Borneo island owes Hyundai for construction work, a spokesman for Kim said. The company is still in critical condition, however, and must stomach a capital reduction and a debt-for-equity swap at the hands of its government-led creditors if it fails to come up with acceptable reform measures. Court receivership, which would hand management of the firm to court-appointed administrators, remained a last resort, Korea’s finance minister has said....