KCC Honorary Chairman Chung Sang-young passed away on the evening of January 30. He was 86 years old. The bereaved families include his wife Cho Eun-joo, KCC Chairman Chung Mong-jin, KCC Glass Chairman Chung Mong-ik and KCC Construction Chairman Chung Mong-yeol.
KCC said, "The funeral will be held as quietly and simply as possible according to the will of the deceased. Please understand that we have decided not to politely decline condolences and condolence flowers, and not to inform the public of specific schedules such as mortuary and the starting of the funeral procession."
The late honorary chairman Chung is the youngest brother of Chung Ju-young, the honorary chairman of Hyundai Group, who was called the "King Chairman" in his lifetime.
As Chung passed away as the last of the first generation of Hyundai Group, the era of the first generation of the group, which led the pan-Hyundai family, ended.
Born in 1936, the deceased, who had been at the front line of management for more than 60 years as a founder in the Korean business community, was the longest-serving entrepreneur in Korea.
In 1958, he founded the "Geumgang Slate Industrial Co., Ltd." which manufactures slates. Refusing to support the late honorary chairman Chung Ju-young, the eldest brother, he chose to stand on his own feet.
In 1974, Chung established "Korea Chemical" to enter the paint business, an organic chemical field, and in 1989, it established Geumgang General Construction (currently KCC Construction) by separating the construction business sector.
In 2000, he merged Keumgang Co., Ltd. and Korea Chemical Co., Ltd. to be newly established as Geumgang Korea Chemical Co., Ltd. and changed its name to KCC Co., Ltd. to grow into a global high-tech chemical company ranging from building materials to silicon and high-tech materials.
Chung, the late honorary chairman, was a manager who valued the site in the spirit of "industrial security" along with the growth of the Korean economy. In addition, he contributed to the localization of technology and industrial development by developing paints, glass, and silicon that relied on foreign countries.
He succeeded in mass-producing semiconductor bag materials (EMC) for the first time in Korea in 1987 and helped localize semiconductor materials by developing and commercializing adhesives for semiconductors.
In 1996, it marked a milestone in the development of paint technology by securing its own technology for water-soluble car paint.
Since 2003, his company has started producing its own silicon raw materials (monomers), which relied entirely on imports from overseas, making South Korea the seventh country to have silicon manufacturing technology after Germany, France, the U.S., Japan, Russia, and China.
The deceased, who usually set an example by emphasizing owner-consciousness and right path management to executives and employees, emphasized the importance of talent and helped the country secure talent by willingly donating tens of billions of won to Dongguk University and Ulsan University.
