|Globalization Just Got Started! Hyundai Elevator Turkey||2017-01-11|
Globalization Just Got Started!
Hyundai Elevator has made an entry to Europe market. After the proclamation of the globalization policy in April this year,
the company established a overseas subsidiary in Turkey to make aggressive initiatives towards entering the overseas market.
CEO Bob Jang visited the head office of STFA Group located in Istanbul, Turkey on July 20 to sign a joint venture contract between the two companies.
STFA Group is a construction and energy company that represents Turkey. The company has acted as a distributor for Hyundai Elevated since 2010.
In addition, the company successfully completed various landmark projects including the construction of the Üsküdar'a- Çekmeköy line
in the subway of Istanbul, Metropol Istanbul and Water Garden, the largest shopping mall in the International Finance Town.
In particular, based on the achievement of high speed products, the company helped promoting the positioning of Hyundai Elevator in Turkey.
Through this contract, Hyundai Elevator acquired HMF Asansor under STFA Group and will embark as Hyundai Elevator Turkey.
The elevator market in Turkey is worth about 30 thousand lifts (about KRW 1 trillion). Due to the geographical attributes of Turkey
that bridges Europe and Asia, Hyundai Elevator Turkey will serve as an advancement base for the company to make an entry to the European market.
In addition, it will serve as the standard to measure the globalization strategy promoted by the company.
CEO Bob Jang said, “It means a lot for us since the establishment of Overseas Subsidiary in Turkey implies that we have made a bridgehead
towards Europe along our pursuit to become a global leader,” adding, “We aim to achieve KRW 100 billion sales in 2020 and be the leader
in the imported elevator market in Turkey. The idea is to mark Turkey as our second home market that will serve as the base for expansion of our presence in Europe.”
STFA Group CEO Yetik Kadri Mert said,
“Our company has pursued various projects with Hyundai Elevator since 2010, positioning Turkey as an attractive investment area to the world,”
adding, “Through this collaboration, which includes the possibility of future onsite production opportunity, we will achieve even bigger outcomes later on.”
With the establishment of Hyundai Elevator Turkey, the company’s overseas subsidiaries now total 9,
including the ones in China (Shanghai and Yantai), Brazil, USA, India, Malaysia, Vietnam and Indonesia.