Hyundai Motor Group is expected to overtake LG Group to become Korea's No. 2 conglomerate

Hyundai Motor Group is expected to overtake LG Group to become the nation's No.2 conglomerate in terms of total assets. Regaining its top ranking among the conglomerates has been goal of Hyundai, since the breakup of the Hyundai Group into several smaller groups in 2001-2002.

Excluding state-run firms and privatized enterprises, Hyundai Motor, will trail only the No. 1 group Samsung.

Hyundai Motor's rise was made possible as its affiliate Hyundai Capital attracted $371 million from General Electric Capital and took over the bankrupt Hanbo Steel.

In addition, LG Group will see its assets fall as GS Group is to be spun off from the conglomerate. LG Group will stress chemicals, telecommunications, and electronics. GS will focus on retail and service sectors.

LG will remain as the No.2 group this year but from next year its ranking will fall to third.

LG will also become the No. 2 conglomerate in revenue on the back of strong sales in its electronics and chemical units.

SK Group is placed fourth in the assets ranking. Lotte will rise to fifth.

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