CXO Research Institute Survey... Hyundai Motor 9 Sites, CJ 8 Sites, Samsung 4 Sites
"No Damage Yet, But Monitoring the Situation"
[Asia Economy Reporter Moon Chaeseok] It has been identified that there are 70 overseas subsidiaries of major domestic groups in Turkey where an earthquake occurred.
On the 8th, Korea CXO Research Institute, a corporate analysis specialist, announced the status of 76 groups designated as large business groups by the Fair Trade Commission last year, regarding their subsidiaries in Turkey.
19 groups have established one or more overseas subsidiaries in Turkey.
On the 6th (local time), a magnitude 7.8 earthquake struck southeastern T?rkiye bordering Syria, causing a building to collapse in Azmarin village, Idlib province, northwestern Syria. [Image source=AP Yonhap News]
Hanwha Group had the most subsidiaries in Turkey with 27 (38.6%), mostly in the solar power business.
Hyundai Motor Group followed with 9 subsidiaries. Hyundai Motor directly controls the finished car manufacturing and sales company Hyundai Motor Turkey Corporation (HAOS), among others. Hyundai Motor Turkey Corporation has decided to provide structural equipment and relief supplies worth $500,000 (approximately 630 million KRW) to the southeastern region of Turkey.
CJ Group established 8 subsidiaries. Their business areas include logistics, cinema operation, wholesale, and commodity brokerage.
Samsung Group operates 4 subsidiaries in Turkey, including Samsung Electronics Turkey, which is engaged in the sale of electronic products. SK and LG each have 3 subsidiaries, while POSCO, KCC, and HL Group each have 2 subsidiaries in Turkey.
Most of the domestic large business group subsidiaries operating in Turkey are located in Istanbul and other areas far from the earthquake-affected region. It is understood that there has been no significant damage so far. Companies are closely monitoring the local situation.
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