Global leaders from HD Hyundai's Construction Equipment Division, representing its three companies, will convene to collaborate on strategies aimed at elevating their position to the top tier in the construction equipment market.
HD Hyundai announced on December 5th (Tuesday) that, from December 4th (Monday) to 7th (Thursday), the construction equipment division's three entities—HD Hyundai XITE Solution, HD Hyundai Construction Equipment, and HD Hyundai Infracore—will hold a global workshop at the Global R&D Center in Pangyo. The event will be attended by leaders of the companies including President Cho Young-cheul, President Lee Dong-wook, President Choi Cheol-gon, President Oh Seung-hyun, and a total of 133 participants from the 3 companies including executives, heads of overseas subsidiaries, and foreign hires in managerial roles. The focus of the workshop will be to brainstorm and strategize for achieving top-tier status in the construction equipment market.
At this workshop, participants will exchange insights on the business plan for the upcoming year and deliberate on the implementation of the company's growth strategies.
“We must examine and verify that the assumptions we set for our market forecasting and business strategies are still valid when it comes to our construction equipment business, which has grown into our group’s core business. With everyone gathered here, I expect our strategic objectives and business plans for the coming year to be consolidated through active discussions," Vice Chairman Chung Ki-sun of HD Hyundai said during the welcoming ceremony held on December 4 (Monday).
Meanwhile, President Cho Young-cheul of HD Hyundai XITE Solution gave a presentation on the construction equipment division’s business plans for 2024. For the rest of the workshop period, the attendees will engage in discussions covering topics such as △ development of consolidated model and differentiated strategies, △ expansion plans for the product lineup, △ enhancement of industrial vehicle competitiveness, and △roadmap for smart construction equipment along with the development of new technologies.
To enhance the company's market presence in advanced countries, the construction equipment division is strategizing to establish a dedicated organization and broaden its range of compact (small construction equipment) offerings. Plans also include the expansion of customizing centers in North America and Europe, coupled with the consolidation of operations across these centers.
To foster a strong sense of belonging within HD Hyundai and promote awareness of being integral members of a unified team dedicated to elevating the group to a global top-tier position, 25 foreign hires in managerial roles from one of our three construction companies were also invited to participate in this year's global workshop. These individuals come from various countries including the United States, Belgium, Czech Republic, Norway, Indonesia, China, and India.
With global revenues accounting for 85% of the total earnings of the three construction equipment companies, management-level employees from 10 countries including locally hired staff and 53 expatriate employees constituting 43% of the workshop participants will actively participate in discussions focused on achieving business objectives. To facilitate better understanding of the South Korean corporate culture and the domestic business environment for foreign employees, the workshop agenda incorporates tours of the Ulsan plant and special lectures on HD Hyundai's value system.
"Now is the opportune moment to drive our business forward, given the fact that we improve our internal cohesion through stability. We must channel the resources of all three companies towards scoring victories in the global market by delivering high-quality products," President Cho Young-cheul said during his opening speech for the workshop.
As a side note, HD Hyundai’s construction equipment division has been holding a global workshop since last year for the purpose of disseminating its business plans to key employees in overseas subsidiaries and exploring strategies for achieving the business objectives.
*Customizing Center: A facility in South Korea that assembles the received semi-finished products and provides products customized to customer needs.