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Merger Between Hyundai Heavy Industries and Daewoo Shipbuilding to Generate Synergy

Merger Between Hyundai Heavy Industries and Daewoo Shipbuilding to Generate Synergy

SEOUL, Feb. 1 (Korea Bizwire) — It is expected that a merger between Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. will create massive synergy not only in the South Korean shipbuilding industry, but also in maritime defense. Both companies are listed as major manufacturers of naval vessels and submarines, in charge [...]

Hyundai Heavy Inks Temporary Deal to Take Over Rival Daewoo Shipbuilding

Hyundai Heavy Inks Temporary Deal to Take Over Rival Daewoo Shipbuilding

SEOUL, Jan. 31 (Korea Bizwire) — The state-run Korea Development Bank said Thursday that it has signed a temporary memorandum of understanding (MOU) with Hyundai Heavy Industries Co., the world’s largest shipbuilder by sales, to sell its controlling stake in rival Daewoo Shipbuilding & Marine Engineering Co. On Wednesday, Hyundai Heavy expressed its intent to [...]

Top Shipbuilder Hyundai Heavy Industries Looking to Buy Smaller Rival: Sources

Top Shipbuilder Hyundai Heavy Industries Looking to Buy Smaller Rival: Sources

SEOUL, Jan. 30 (Korea Bizwire) — South Korea’s Hyundai Heavy Industries Group is seeking to buy its smaller rival, Daewoo Shipbuilding & Marine Engineering, industry sources said Wednesday, in what could be a major shakeup in the sector.  The country’s top shipbuilder is in talks with state-run Korea Development Bank (KDB), a creditor bank that [...]

Employees at Hyundai Heavy Industries Kick Off Flea Market Event for a Good Cause

Employees at Hyundai Heavy Industries Kick Off Flea Market Event for a Good Cause

ULSAN, Nov. 1 (Korea Bizwire) — Despite the economic downturn in the shipbuilding industry, the employees of Hyundai Heavy Industries Co. are holding a flea market event to help underprivileged neighbors, marking the 25th straight year that the event has taken place. Hyundai Heavy Industries kicked off the “Donation of Love” campaign at Dong-gu, Ulsan [...]

Fall of Ulsan’s Shipbuilding Industry Leads to Pressure on Local Tax Coffers

Fall of Ulsan’s Shipbuilding Industry Leads to Pressure on Local Tax Coffers

SEOUL, Oct. 12 (Korea Bizwire) — Due to the fall of the shipbuilding industry in Ulsan, tax collected in the city’s Dong-gu district has declined sharply, causing setbacks to various government projects. In addition, government officials may not be receiving overtime fees and other benefits that were paid in the past. According to the Dong-gu [...]

Navy to get new submarine

Navy to get new submarine

SEOUL, Jan. 19 (Korea Bizwire) – South Korea’s Navy will receive a new diesel-electric air-independent propulsion submarine Friday capable of staying underwater more than 10 days, the state arms agency said. The Defense Acquisition Program Administration (DAPA) plans to deliver the Hong Beom Do submarine to the Navy in a ceremony at the shipyard of Hyundai Heavy Industries in Ulsan. Named after a respected independent fighter during Japan’s [...]