Hyundai Motor Company Chairman Chung Meets with Gov. Schwarzenegger, Commits to Investing Some $150 Million in New Building and Growing Employment in California
FOUNTAIN VALLEY, Calif., Sept. 15 /PRNewswire/ -- In a meeting today with California Gov. Arnold Schwarzenegger, Hyundai Motor Company Chairman Mong-Koo Chung committed to build a new North American headquarters in Orange County – Hyundai's home since its arrival in the United States in 1985. The new building will be constructed on Hyundai's current Fountain Valley campus, securing the company's long-term future in California. Hyundai will invest about $150 million, the largest investment ever made by Hyundai Motor Company in the state. During the approximately two-year project, it is estimated that as many as 1,530 new construction jobs will be created with a $273 million total economic output, according to the Los Angeles County Economic Development Corporation.
The new facility will double the size and occupant capacity of the current headquarters. Plans call for approximately half-a-million square feet in floor and garage space, growing considerably from today's current 220,000 square-foot structure. Capacity will grow to approximately 1,400 occupants, up from 700. Construction is expected to begin in mid 2011 and be completed by the end of 2012. Hyundai employees will work from temporary office space in Orange County during that time. In line with Hyundai's commitment to sustainability, all construction will be LEED certified.
"This investment ensures that Orange County will remain Hyundai's U.S. hub, with our headquarters in Fountain Valley, for the foreseeable future," said John Krafcik, president and CEO, Hyundai Motor America. "The new building will give us the flexibility to grow with our brand, reflect our modern design sensibility, and showcase our commitment to sustainability."
Hyundai Motor Company has grown to become the fifth largest automotive company in the world, taking the global leadership position thanks to its focus on quality and innovation. California in particular is a critical market for Hyundai and a barometer of success in the United States. Since its start in 1985, Hyundai has housed its U.S. Headquarters in California, contributing vastly to the state's economy. Currently, in California, the company:
* Employs approximately 1,400 people
* Invested $152 million in facility development
* Oversees 63 franchised California dealers
Hyundai Facilities Across California
* California City – Proving Grounds
* Chino – Technical Center
* Costa Mesa – Logistic Operations
* Fountain Valley – Regional Sales Office
* Fountain Valley – Hyundai Motor America, U.S. Headquarters
* Huntington Beach – Innocean Worldwide Advertising
* Irvine – Design and Technology Center
* Irvine – Hyundai Capital
* Ontario – Parts Distribution Center
* Port Hueneme & Richmond – Port & Vehicle Processing
HYUNDAI MOTOR AMERICA
Hyundai Motor America, headquartered in Fountain Valley, Calif., is a subsidiary of Hyundai Motor Co. of Korea. Hyundai vehicles are distributed throughout the United States by Hyundai Motor America and are sold and serviced through about 800 dealerships nationwide. All Hyundai vehicles sold in the U.S. are covered by the Hyundai Assurance program, which includes the 5-year/60,000-mile fully transferable new vehicle warranty, Hyundai's 10-year/100,000-mile powertrain warranty and 5-years of complimentary Roadside Assistance.