Simplify the following text for a Grade 8 native English-speaking person.
Original: Hyundai Engineering and Construction Co. , Ltd. ( abbreviation : HDEC ) is a major construction company in South Korea which has carried out projects not only in Korea but around the world . The company was founded by Chung Ju-yung in 1947 as the Hyundai Civil Works Company , and was a major component of the Hyundai Group .
Simplified: Hyundai Engineering & Construction Co. , Ltd. ( HDEC ) was founded by Chung Ju-young in 1947 as the name of Hyundai Civil Works Company and a major company of the Hyundai Group .