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Biz News Korea(Eng)
Hyundai Heavy sells U.S. unit Hyundai Ideal Electric
- Collected
- 2017.09.14
- Distributed
- 2017.09.15
- Source
- Go Direct
Hyundai Heavy Industries sold Hyundai Ideal Electric to a privately held affiliate of Gulf Electroquip Ltd, electric motors manufacturer based in Texas, U.S., the company announced on Wednesday (local time). The financial terms for the deal were not disclosed.
It is reported that Gulf Electroquip plans to maintain current workforce as well as service guarantees for customers.
Established in 1903 in the U.S., Ideal Electric makes electric power motors and generators. Hyundai Heavy Industries took over the American motor maker in 2007, but decided to sell off the firm as part of its cost-saving scheme, said a Hyundai Heavy Industries.
Hyundai Heavy Industries suffering from liquidity stress amid prolonged slowdown in shipbuilding industry launched a massive restructuring program last year. It vowed to improve its balance sheet by 3.5 trillion won ($3 billion) through non-core asset sales, reorganization, and business rationalization in return for debt rescheduling by creditors.
Last year, it sold off engine manufacturer Hyundai Cummins Engine Co along with stakes in other companies, and disposed Germany-based JaKe and stake in subsidiary Hotel Hyundai this year. It is also preparing to shed HI Investment & Securities Co. to exit from the financial sector this year.
At 2:46 p.m. on Thursday, shares of Hyundai Heavy Industries were down 1.1 percent at 135,5000 won.
By Moon Ji-woong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]