SEOUL, March 25 (Korea Bizwire) — Hyundai Heavy Industries Group said Thursday that it will nurture hydrogen-related business as its new growth engine amid tightened environmental regulations and rising demand for eco-friendly fuels. Under the plan, the shipbuilding group will establish a new unit that handles the production of hydrogen and the use of it [...]
SEOUL, March 25 (Korea Bizwire) — Doosan Mobility Innovation (DMI), a producer of portable fuel cell power packs, said Thursday that it has joined hands with POSCO SPS, a steel processing company, to develop a key component for hydrogen fuel cell power packs for drones. Under a preliminary deal with POSCO SPS, a unit of [...]
SEOUL, March 25 (Korea Bizwire) — South Korea’s top power equipment maker Doosan Heavy Industries & Construction Co. said Thursday it has provided five vertical concrete casks used to store spent nuclear fuel to a U.S. company for the first time. Under the deal with the Nuclear Assurance Corp. (NAC), a U.S. provider of nuclear [...]
SEOUL, March 25 (Korea Bizwire) — LG Electronics Inc. has invested more than 4 trillion won (US$3.5 billion) in its automotive business in the recent five years, its report showed Thursday, as the South Korean tech giant eyes beefing up its future growth engine. The investment from LG’s vehicle component solutions (VS) division was 587.8 [...]
SEOUL, March 24 (Korea Bizwire) — Global shipbuilding giant Hyundai Heavy Industries Holdings Co. (HHIH) said Wednesday that it has signed an initial deal with Korea Investment Corp. (KIC), South Korea’s sovereign wealth fund, toward merger and acquisitions with global companies as part of efforts to expand its presence in new businesses. Under the deal, [...]
SEOUL, March 24 (Korea Bizwire) — Shareholders of LG Electronics Inc. on Wednesday approved the company’s plan to split off some of its electric vehicle (EV) components business to set up a joint venture (JV) with Canadian auto parts maker Magna International Inc. The shareholders passed LG’s proposal to carve out the EV powertrain business [...]
SEOUL, March 24 (Korea Bizwire) — The trend of ESG (environmental, social and governance) management is gaining momentum even in traditional industries like construction machinery. Construction equipment maker Doosan Infracore Co. is accelerating efforts to develop eco-friendly products to reduce carbon emissions after reshuffling the organization responsible for sustainable management into an ESG team in [...]
SEOUL, March 24 (Korea Bizwire) — To keep abreast with the advent of the carbon-free era, a South Korean shipyard has taken the initiative to develop a liquefied carbon dioxide (CO2) carrier. Korea Shipbuilding & Offshore Engineering Co. (KSOE) and its shipbuilding unit Hyundai Mipo Dockyard Co. recently signed a business agreement with the American [...]
SEOUL, March 23 (Korea Bizwire) — LG Display Co. is struggling to make profits this year with its focus on expanding its OLED business, its chief said Tuesday. The panel maker posted an operating loss of 29.1 billion won (US$25 million) in 2020, sharply narrowing from a loss of 714.5 billion won a year earlier, [...]
SEOUL, March 23 (Korea Bizwire) — Samsung Display Co., a major display panel maker in South Korea, is likely to receive compensation from Apple Inc. over a shortfall in OLED panel orders, industry insiders said Tuesday. Samsung Display’s worldwide small OLED shipments in January dropped 9 percent month-to-month to 45 million units, according to market [...]