Hanwha Transitions to Hyundai L&C
ATLANTA — Hyundai Department Store Group, a major South Korean conglomerate that operates a range of retail and service-based businesses, announced recently that it has completed the acquisition of Hanwha L&C, a leading manufacturer of premium building materials. As part of the acquisition, the company has also changed its name to Hyundai L&C to further position itself as a global leader in the interior products industry. Under this new ownership, Hyundai L&C remains committed to maintaining and growing its premium surfacing, including HanStone Quartz and Hanex Solid Surfaces.
To maintain business consistency, Hyundai Department Store Group decided to change the corporate name as minimally as possible, keeping “L&C” from the former name, which now stands for “Living and Culture”. This reflects the retailer’s commitment towards becoming a total living interior cultural company that provides meaningful value to lives and spaces, the firm said. Moving forward as Hyundai L&C, the company will aim to retain and maximize its value through innovation and a strong focus on customers and their needs, the company continued.
“This is a great development for our company,” commented JK Lee, CEO of Hyundai L&C USA, LLC. “We are excited to be a part of the Hyundai family and the significant resources and support this brings, all of which enables us to provide even more value to our customers.”
Hanwha L&C’s previous ownership under Morgan Stanley resulted in significant expansion, including a second HanStone Quartz production line in London, Ontario, Canada; the building of a new Hanex Solid Surfaces production facility in Temple, TX, which will be operational in the coming months; and the establishment of several service centers, warehouses and showrooms across the country. This new ownership by Hyundai Department Store Group, a $7 billion company, provides financial stability and the ability to significantly expand to meet customers’ growing requirements for premium surfacing, the company added.