Area served Worldwide | Industry Automotive industry Production output 4 million parts a year Founded 1999 | |
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Profit KRW￦ 7.01 trillion (2008); 5.6 Billion Dollars (2012) Stock price 204320 (KRX) ₩ 2,59,500 0.00 (0.00%)17 Mar, 3:30 PM GMT+9 - Disclaimer | ||
The Mando Corporation (Korean: 만도)(KRX:204320), with headquarters in Seoul, Korea, is the largest global Tier 1 Korean Original equipment manufacturer and supplier to General Motors, Cadillac, Ford, Chrysler, Chevrolet, Nissan, Kia Motors Company, Fiat, Volkswagen, BMW, Suzuki, Hyundai Motor Company, and many other global automobile distributors. It has an annual profit topping over 6 billion USD every year. It is currently owned and run by the original founding parent company, Halla Group. It was handed over to Halla by Sunsage B.V, a daughter company of JP Morgan.
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In 2014, Mando was split into two companies, with the legal successor changing its name to Halla Holdings and a new entity named Mando being created. This was done to create a holding company.
Mando has three main areas of business: steering parts, brake parts, and suspension parts. Mando has recently opened a joint-venture company with Hella, to produce ABS sensor software algorithm.
Additionally, Mando is part of a Halla Group which is composed of automobile, logistics, investment banking, ground transportation, education, construction, and sports and entertainment companies with over 10,000 employees around the world. These companies are all part of the same ownership under one CEO.
History
Mando was created under the original founder of Halla Business Group, Mr. Jeong, In Yeong. A younger brother of Jeong, Ju Yeong (Hyundai Motor Company founder) on 1 October 1962. Initially, the company was named Hyundai International Inc. and changed its name to Mando Machinery Corporation in February 1980. In 1988, Mando opened the Brake System Plant in Pyeongtaek and two years later, opened the Munmak Steering System Plant (currently renamed Wonju operations). By 1995, Mando Machinery had a suspension system plant in Iksan as well as a dedicated R&D center. Mando America Corporation (MAC) was founded in 1996.In 1999, during the financial crisis, Mando was sold to Sunsage and was promptly renamed as Mando Corporation. Halla Group repurchased Mando Corporation subsequently.
As of 2013, Mando Corporation has six affiliated locations in the United States within Michigan, Alabama, and Georgia. Its headquarters is in Seoul, South Korea. Its affiliates have a 1300-employee presence in North and South America. It is projected that Mando's affiliates will employ roughly 2,400 employees in the United States alone by 2017. In the overall scope, Mando Corporation has corporate offices, research & development facilities, assembly lines, casting plants, and other various functions worldwide such as China, Turkey, Brazil, India, Japan, Sweden, Germany, Poland, Australia, and Malaysia. Worldwide, the manufacturer employs over 9,900 workers, and has more than an annual revenue of $6 billion. Mando Corporation provides highly advanced and quality brakes, suspension, and steering parts to General Motors, Volkswagen, Chrysler, Ford, Nissan, Hyundai, Kia, Suzuki, Chevrolet, and many other automobile manufacturers worldwide.
Lastly, Mando is projected to accrue close to 6 billion dollars in revenue, worldwide, for the 2015 fiscal year.
Legal
In 2016, Mando was served with two separate patent infringement lawsuits from Bosch GmbH and Jaguar Land Rover Limited for multiple products. This is in addition to Nexteer Automotive Corporation v. Mando America Corporation alleging trade secret theft and other numerous claims. Mando is not new to lawsuits as it has faced lawsuits regarding various [discrimination]] claims in the past.