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Hyundai Elevator was established as a joint venture between Hyundai Electrical Engineering and Westinghouse Electric in 1984.[2]Schindler Group, a Swiss-based company, succeeded Westinghouse's stake in Hyundai Elevator when Westinghouse disposed of its escalator business in 1989.[3] Hyundai Elevator and Schindler deepened the relationship when KCC, a chemical company run by Hyundai founder's brother Chung Sang-young, attempted to take over Hyundai Group by acquiring Hyundai Elevator in 2003.[4] Hyundai and Schindler agreed for the latter to purchase a 20-percent stake in Hyundai's elevator arm to fight back against KCC in 2004, but the domestic regulation annulled the agreement. Despite the invalidation, Schindler purchased a 25.5 percent stake in Hyundai Elevator from KCC after KCC failed to take over the Hyundai Group in 2006.[5]
In 2019, Hyundai Elevator sold its primary facilities, including the main factory, dormitories, and headquarters, in Icheon to SK Hynix for ₩205 billion (2019) (US$175.91 million). After the disposition, Hyundai relocated its headquarters to Chungju, North Chungcheong, in 2022.[6][1]
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