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Biz News Korea(Eng)
Hyundai Heavy Industries to spin off most of its non-shipbuilding operations
- Collected
- 2016.10.17
- Distributed
- 2016.10.18
- Source
- Go Direct
이미지 확대According 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.
A person familiar with the matter said seven to 10 non-maritime businesses including robotic and forklift businesses announced previously would be subject to divestiture.
The spin-off for the solar power unit under the company’s robotic and green energy divisions is likely to be carried out by the end of this year.
By Park Yong-beom and Chung Seok-woo
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