Hyundai Announces Restructuring Plan

Hyundai Group announced its restructuring plan on January 8. It will sell-off three or four companies from its 15 major subsidiaries whose assets each total over a billion dollars.
In addition to that, by the year 2001, Hyundai will completely separate its automobile section from the group to make it an independent enterprise.
By 2005, it will also finish splitting four major sectors in construction including Hyundai Construction; heavy industries including Hyundai Heavy Industry, Inchon Steel and Hyundai Refinery; electronics including Hyundai Electronics; and finance and services including Hyundai Financial Company.
Hyundai, therefore, will keep selling non-major sector business groups while revolving mergers and liquidation in order to make Hyundai's four major sectors to be world-best.
Hyundai Refinery, which was discussed as a possible company to be exchanged with LG Group as compensation in the semiconductor 'big deal', will now not be sold since it was selected as a major subsidiary company.
Before the end of first half of this year, Hyundai will reduce its overall assets of 10 billion dollars through these restructuring moves.