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Loss-making Shipyards Moving to Cut Workforces, Sell Assets

Loss-making Shipyards Moving to Cut Workforces, Sell Assets

SEOUL, May 2 (Korea Bizwire) — Loss-making South Korean shipyards, facing growing pressure from their creditors to cut costs amid an industrywide slump, are expected to ratchet up moves to cut their workforces and sell noncore assets, industry sources said Monday. Last month, the government picked five sectors to put under intensive restructuring as their [...]

S. Korean Shipbuilders in Trouble, but Still in Global Top Ranks

S. Korean Shipbuilders in Trouble, but Still in Global Top Ranks

SEOUL, Apr. 27 (Korea Bizwire) — South Korean shipyards may be in big trouble, but they still lead the global market in terms of order backlog, industry data showed Wednesday, possibly suggesting their guaranteed survival at least for a few years to come. According to the data from global research firm Clarkson Research Services, the [...]

Loss-Making Shipyards Struggling to Sell Assets, Cut Costs

Loss-Making Shipyards Struggling to Sell Assets, Cut Costs

SEOUL, Nov. 25 (Korea Bizwire) – South Korean shipbuilders are seeking to sell assets and cut costs, as they struggle with massive losses stemming from a protracted industry slump and rising costs, industry sources said Wednesday. The country’s big-three shipyards — Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries [...]

S. Korea’s Top 3 Shipbuilders to Lose Over $6Bn in 2015

S. Korea’s Top 3 Shipbuilders to Lose Over $6Bn in 2015

SEOUL, Oct. 25 (Korea Bizwire) — South Korea’s top three shipbuilders are expected to post a combined operating loss of more than 7 trillion won (US$6.2 billion) in 2015 amid an industrywide slump, data showed Sunday. Market data showed the country’s top three shipbuilders — Samsung Heavy Industries Co., Hyundai Heavy Industries Co. and Daewoo [...]

Thwarted Merger between Samsung Companies a Prelude to Shareholder Activism?

Thwarted Merger between Samsung Companies a Prelude to Shareholder Activism?

SEOUL, Nov. 20 (Korea Bizwire) — A merger between Samsung Heavy Industries and Samsung Engineering has been shelved due to opposition by institutional investors including the National Pension Service. As the big investors exercised their stock buyback rights, the companies saw their merger cost soar and decided to call it off. Some analysts suggested that this [...]

Samsung Heavy and Samsung Engineering Announce Blitzkrieg Merger

Samsung Heavy and Samsung Engineering Announce Blitzkrieg Merger

SEOUL, Sep. 2 (Korea Bizwire) – Two Samsung Group companies Samsung Heavy Industries and Samsung Engineering have decided to merge with each other in a board of directors meeting on September 1. The two companies will exchange shares at the ratio of 1 to 2.36. Samsung Heavy Industries will grant 2.36 shares to Samsung Engineering shareholders for every share [...]