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Hyundai Engine History
Hyundai Motor Company is a multinational automaker founded by Chung Ju-Yung. It was founded in 1947 initially as a construction company. With the help of Korean government, they (Chung Ju-yung and family) swiftly dominated into number of businesses, eventually becoming South Korea's second biggest 'Chaebol'. After Asian financial crisis in 1997, Hyundai started and spun off many better known businesses such as Hyundai Automotive Group, Hyundai Department Stores Group and Hyundai Heavy Industries Group. Presently, the focus point of the Hyundai group is on container services and elevators along with the tourism to mount Kumgang. Hyundai Engineering and Construction became the main shareholder of Hyundai Merchant Marine in March 2007, the HMM is the de facto holding company of Hyundai Group. Hyundai Togun or Hyundai Engineering and Construction, the preliminary corporation of the Hyundai Group, was established in 1947 by Choi Ju Yung. In 1950, Hyundai Togun was renamed as the Hyundai Construction. In 1958, Keumkang Company was established to make construction supplies. In 1965, Hyundai Construction embarks on its first out of country undertaking, a highway project in Thailand. Hyundai Motors was established in 1967 however in 1975, the group began working on an integrated car manufacturing works and initiated a new Korean vehicle. In 1977, the Hyundai Group established the Asan Foundation however, after few years in 1983, the group was involved in Hyundai Elevators and Hyundai Electronics business. The Hyundai Research Institute was exclusively established in 1986 followed by the Asian Sangun in 1988 and it was renamed as the Hyundai Logistics in 1992. Hyundai acquired the KIA Motors and LG Semi-Conductors during the Asian financial crisis in 1997. However, the Korean economic crisis hit the Hyundai Group and forced them to start restructuring efforts to sell out the subsidiaries and focusing on the basic five businesses in 1998. The Hyundai Asan was established to facilitate the tourism Kumgang, the Kaesong Industrial Complex and several other inter-Korean works. The founder of the Korean corporation Choi Ju-Yung died in 2001 and left Hyundai to convert into pieces.