HD Hyundai to merge 2 shipbuilding subsidiaries in Ulsan

HD Korea Shipbuilding & Offshore Engineering (KSOE), an intermediate holding company overseeing HD Hyundai’s shipbuilding business, announced plans Wednesday to merge HD Hyundai Heavy Industries (HHI) and HD Hyundai Mipo in a move to outpace competitors amid increasing shipbuilding cooperation with the United States. Once the merger of the two Ulsan-based shipbuilding subsidiaries is complete, the integrated entity will operate as HD HHI. Citing recent mergers of major shipbuilders in China and Japan, HD KSOE said the integration will especially bolster the company’s competitiveness in the naval vessel market. Unlike HD HHI, which has a proven record in building and exporting warships, HD Hyundai Mipo does not have a license to construct naval vessels, though it possesses docks and facilities suited for warship construction. According to the U.K. defense industry magazine Janes, new contracts for naval ships worldwide are expected to total 2,100 over the next 10 years, collectively worth $360 billion. HD KSOE said the integrated HD HHI aims to generate 10 trillion won ($7.1 billion) iWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times