Sell Your Equipment  /  Dealer Login  /  Create Account

Hyundai Heavy Industries to Spin Off Most of its Non-Shipbuilding Operations

South Korea’s largest shipbuilder is targeting to complete the second round of reorganization by the first half of next year.

Wed October 19, 2016 - National Edition
Construction Equipment Guide


The reorganization plan is pursued separately from the self-restructuring outline submitted to creditors in June in return of debt relief.
The reorganization plan is pursued separately from the self-restructuring outline submitted to creditors in June in return of debt relief.

The website Pulse is reporting that South Korea's Hyundai Heavy Industries Co. plans to spin off its remaining non-shipbuilding businesses, including electric-electronic systems and construction equipment, in addition to earlier divestiture targets of robotic, green energy and facility support operations.

According to multiple sources on Sunday, the country's largest shipbuilder is targeting to complete the second round of reorganization by the first half of next year. The two operations took about 18 percent of the total sales of the shipbuilder with sales from electric-electronic systems and construction equipment businesses totaling 2.51 trillion won ($2.20 billion) and 2.23 trillion won, respectively, last year.

The reorganization plan is pursued separately from the self-restructuring outline submitted to creditors in June in return of debt relief.

The spinoff would make the shipbuilder slimmer to fully concentrate on its core function as a shipyard. The additional liquidity from the sale would better equip the company against prolonged market slump.

Source: Pulse


Today's top stories

Contractors Solve Logistical Challenges On Coastal Project

Integration of Topcon 3D-MC With Volvo Active Control Raises Bar in Excavation Precision

NCDOT Calls On Lane Construction to Improve I-440 With $365M Project

Thousands of John Deere Workers Strike After Union Rejects Contract

Hitachi Introduces ZW100-6 Wheel Loader in North America

Construction Begins on Journal Squared's 60-Story Tower 3 in Jersey City

Proposed Rollback of NEPA Reforms Conflicts With Biden's Infrastructure Goals

Stokes to Become Idaho Transportation Director in 2022


 






ceg-logo ceg-logo ceg-logo ceg-logo ceg-logo