Hyundai Elevator : signs MOU with Samsung to develop modular elevators
August 09, 2023
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Hyundai Elevator signs MOU with Samsung C&T to develop modular elevators
- To reinforce competitiveness in winning orders for overseas modular construction projects, including Saudi Arabia's project
- To develop elevators with a modular method of prefabricating more than and installing on site this year
Hyundai Elevator, which has the largest share in the domestic market, announced it will set out to develop modular elevators as a 'Single Team' with Samsung C&T, top ranking firm in construction capability assessment, on August 11.
At an MOU (memorandum of understanding) signing ceremony held at the Samsung Global Engineering Center (Sangil-dong, Gangdong-gu, Seoul), the two companies agreed to develop elevators using the modular construction method this year and strengthen their competitiveness in winning modular projects, including the Saudi Arabia project.
The modular construction method is to prefabricate more than 70% of construction materials, including the structure, at the factory and carry out only installation and interior/exterior finishing at the construction site. The short site construction period and low waste, noise, and dust are attracting attention as an eco-friendly method.
The elevator to be co-developed by the two companies will be manufactured in modular form, with elevators and hoistways fabricated at the factory according to the modular construction method and vertically stacked on site. Applying this method to construction sites is expected to drastically shorten the construction period for elevators on-site and reduce field work, thereby enhancing safety and quality at the construction site.
"The modular construction method will be the core technology in Saudi Arabia's project," said Hyundai Elevator CTO Tae-won Lee. "The exclusive elevator from both companies will bring great synergies, including a reduced construction period," he added.
Hyundai Elevator visited Indonesia in March as a member of the order support group of the 'One Team Korea' initiative promoted by the South Korean Ministry of Land, Infrastructure, and Transport and participated in the bid for the smart city sector. The MOU with Samsung C&T is expected to enter and expand overseas markets, including the Saudi Arabia project and Indonesia's new capital construction.
Hyundai Elevator Co. Ltd. published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2023 00:39:39 UTC.
Hyundai Elevator Co Ltd is a Korea-based company mainly engaged in the production and sale of the elevators. The Company operates its business through six segments. The Goods Handling Equipment Manufacturing segment is engaged in the production and sales of products such as elevators, escalators and parking facilities. The Installation and Repair Service segment is engaged in business such as installation and sales of elevator products, repair work, and regular maintenance. The Real Estate Rental segment is engaged in land and building rental business. The Tourism and Accommodation segment is engaged in the management of hotels and training centers, and real estate management. The Travel and Construction segment is engaged in the tourism and construction businesses. The Other segment is engaged in the consulting and education business.
HYUNDAI ELEVATOR CO., LTD 
