Founded in 1988 as the Petrochemical Division of HDC Group, Hyundai EP signed technology transfer contract with Solvay Engineered Polymer in 1991, focusing on developing advanced technologies, and built a compounding factory in Dangjin in 1994 to start developing and producing automobile bumpers and interior materials. After the department's separation from HDC in January 2000, Hyundai Engineering Plastic was established and strived to pioneer an independent market. Hyundai EP is developing fast with 25% of average annual growth since its foundation in 2000. Hyundai EP has four Business Units. The Dangjin factory produces super engineering plastic, which can replace metals, based on the company's accumulated technologies and experiences, while the Jincheon factory is focused on producing PE compound, which is used for rubber parts of automobiles and electric and electronic products, steel pipe coating and adhesion materials, construction pipes, and containers, etc. Wikipedia