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SsangYongSsangYong Group is a South Korean based Chaebol or conglomerate. SsangYong, literally meaning "Double Dragon". It was largely broken up by the East Asian financial crisis in 1997. The chaebol was forced to sell or relinquish control in many of their subsidiary interests including the SsangYong Motor Company, originally joining the Daewoo Group in 1998 and now controlled by the Chinese automobile manufacturer SAIC (Shanghai Automotive Industry Corporation), the Ssangyong Paper Co., now controlled by Procter & Gamble, Ssangyong Cement (Singapore) Ltd., now owned by the shipping company, Afro-Asia, Yongpyung Resort, Ssangyong Heavy Industries, Ssangyong Precision Industry Co., Ssangyong Engineering Co., Riverside Cement sold to Texas Industries, Inc, and Ssangyong Oil Refining Co. sold to Aramco in 1999.[1]
The Ssangyong Cement Industrial Co., Ltd is now the core company in the SsangYong chaebol. It's largest shareholder is the Japanese concrete manufacturer, Taiheiyo Cement. Ssangyong Cement's primary subsidiaries are Shanghai Pulong Concrete Product Co., Ltd. (China); Tianjin Yanlong New Building Material Co., Ltd.; Ssangyong Materials; Shanghai Baotailong Concrete Products Co., Ltd. (China).
The 1980 's
It was founded as Hadonghwan Motor Company in 1954 and started by building jeeps for the US Army. Beginning in 1976, Hadonghwan produced a variety of special purpose vehicles. After changing its name to Dong-A Motor in 1977, it was taken over by Ssangyong Business Group in 1988 and changed its name to SsangYong Motor. The name SsangYong means twin dragons.
The 1990 's
In 1991 it started a technology partnership with Daimler-Benz (now DaimlerChrysler). Later, it purchased United Kingdom-based specialty car maker Panther Westwinds.
In 1997 Daewoo Motors bought a controlling stake, only to sell it off again in 2000, because the conglomerate ran into deep financial troubles.
The 2000 's
In late 2004, the Chinese automobile manufacturer SAIC (Shanghai Automotive Industry Corporation) took a 49% stake of SsangYong Motor Company.
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