INTERNATIONAL: Hyundai hires B-M for global restructuring plan

SEOUL: Hyundai Group, Korea’s largest conglomerate, has hired Burson-Marsteller to handle global PR for the group’s break up into five independent business groups.

SEOUL: Hyundai Group, Korea’s largest conglomerate, has hired

Burson-Marsteller to handle global PR for the group’s break up into five

independent business groups.



The appointment follows a four-way pitch, believed to have included

Forrest International, Hill & Knowlton and Shandwick who competed for a

’six-figure’ corporate and financial account.



The 35 affiliates, which currently make up the pounds 56 billion Hyundai

Group, will divide into five sub-groups which will become independent by

2003.



Four of the groups will be construction, electronics, heavy industry,

and financial services. Hyundai Motor group does not fall under B-M’s

remit.



B-M will be working closely with the Hyundai Corporation Restructuring

Committee chaired by Jae-Soo Kim.



Co-ordinated out of Seoul by Merit/Burson-Marsteller, B-M will use its

offices in Hong Kong, New York and other financial centres.



Kim said the reforms being introduced were of major national

importance.



’This is a critical time of change for Korea and for Hyundai Group,’ he

declared.



er, we recognise that our focus today has to be seen on efficiency of

operations and a commitment to shareholder value,’ he said.



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