Hyundai Heavy Industries will be split into six autonomous divisions

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Hyundai Heavy Industries Nov. 16, 2016 –  South Korea’s Hyundai Heavy Industries (HHI), the world’s largest shipbuilding group, today announced the decision to split the company into six autonomous divisions in order to maintain its competitiveness and its financial strength. The plan, which will be implemented over the course of 2017, provides for the creation of a division dedicated to shipbuilding, the offshore industry and the creation of marine engines and other five divisions devoted respectively to the electrical and electronic market and those of construction machinery, renewable energy, robotics and services.

“So far – said a spokesman for HHI – we focused on the sale of non-core activities. From now on we will concentrate all our capacity on core business development of each division. The spin-off will be the starting point to reach the objectives. ”

If HHI is planning autonomously how to cope with the current difficulties experienced by the shipbuilding industry and other industrial markets in which the South Korean group, her compatriot STX Offshore & Shipbuilding Co., which in the spring was placed in administration ( of 30 May 2016), these days has been authorized to implement a company’s restructuring plan by the district court in Seoul, which has confirmed that it has so far received proposals from four companies for the acquisition of STX O & S (4 November 2016) and to be waiting for any further offers by the due date for submission of expressions of interest which is scheduled for next December 27.

In this regard, today the South Korean press reported that a British investment fund would have presented to the district court a letter of intent to acquire STX O & S, including its subsidiary STX France, which is owned 66.66% by the South Korean company by STX Europe and to 33.4% by the French State and which is specialized in the construction of cruise ships, military ships, oil & gas segment and the restructuring and ship conversion activities.

To be informed on the latest developments of the STX O & S restructuring plan and on the effects on the French subsidiary, this morning the Secretary for Industry, Christophe Sirugue, has scheduled a meeting with the general manager of STX France, Laurent Castaing.