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Hyundai Motor Company, formed in 1967, was a part of the large south Korean chaebol - the Hyundai Group - until the group split in September 2000. In the last four decades, Hyundai has managed to establish itself all over the world as a company producing reliable, technically sound and stylish automobiles. In the 1990s, the company started aggressive overseas expansion programmes. By the late 1990s, when the southeast Asian crisis struck, the company like all the other chaebols, faced serious financial problems. To survive, it had to cut its labour force. The company offered various retirement schemes, unpaid leave for two years etc to workers, and expressed its inability to support its entire workforce in the slack period. The Hyundai Employees Union, which was also a part of the militant Korean Confederation of Trade Unions (KCTU), revolted at the company's plans and went on strike. Since 1998, the union has repeatedly called for strikes. Their demands have related to wage increases, shortening of working hours and greater worker participation in management. The situation seemed to get worse with each passing year. In 2003, there was a 47-day strike at Hyundai's Ulsan plant - the longest to date. Heavy losses were incurred by the company on account of the strike. The unions refused to compromise and the management too held its ground. Finally, the government intervened to force a negotiated settlement between the union and the management. Hyundai suffered acute losses at a time when the company had been doing well and was planning to storm the American and the European car market with its advanced competitive models.