chapter  6
14 Pages

VICTORY AT SEA

By the early 1970s, Hyundai was firmly established in two major in-dustries: construction and cars. The company also was beginning to grow in other new directions by entering industries that supported its two principal businesses. When it needed building materials for its massive construction projects, it formed Hyundai Cement. When it needed engineering services, also for construction, it formed Hyundai Engineering. When it needed miles of pipe for various projects, it built Hyundai Pipe. When it needed hotel space for visitors to its Ulsan industrial site, it created Keumkang Development Company and built the Diamond Hotel. And when it needed a distribution system for its cars, it formed Hyundai Motor Service. All were formed as spin-offs of Hyundai Construction Company and, in fact, reported to the construction firm. Indeed, by the early 1970s, Hyundai had grown to eight companies in highly diversified business fields. Now, Chung needed a new adventure. For this, he would look to the open seas.