HD Hyundai Heavy Industries and HD Hyundai Mipo have officially integrated to form the unified HD Hyundai Heavy Industries. On December 1, HD Hyundai announced that the merger processes for the shipbuilding subsidiaries HD Hyundai Heavy Industries and HD Hyundai Mipo were completed, resulting in the formation of a single entity, HD Hyundai Heavy Industries.
The merged entity aims to achieve 37 trillion won in revenue by 2035, solidifying its position as the world’s leading shipbuilder. Last August, HD Hyundai announced the merger with the ambition of achieving both quantitative and qualitative expansion to secure an absolute competitive edge in the global market. This move comes as major competitors like China and Japan are consolidating their domestic shipbuilding giants, reshaping the global shipbuilding industry landscape.
The launch of the integrated HD Hyundai Heavy Industries marks a significant step in actively responding to market changes and expanding order intake, as it represents a merger between global leading medium and large shipbuilders. HD Hyundai is particularly optimistic that the integration will significantly enhance the business competitiveness of the prominent Korea-U.S. shipbuilding cooperation project “Masuga.”
By combining existing shipbuilding technologies from HD Hyundai Heavy Industries with the docks, equipment, and human resources suited to shipbuilding from HD Hyundai Mipo, the company aims to expand its defense sector revenue tenfold to 10 trillion won by 2035. Furthermore, the unified HD Hyundai Heavy Industries is eager to secure next-generation eco-friendly technologies through the advanced application of new technologies from medium to large-sized ships, and plans to expand its market entry opportunities in special-purpose vessels like icebreakers, which are seeing increasing demand due to Arctic development.
In a congratulatory video message, HD Hyundai Chairman Chung Ki-sun stated, “Today marks a new chapter in our country’s shipbuilding industry. If we combine the technical expertise and know-how of both companies with the passion of our employees, a new wave of innovation will commence.” Additionally, actor Kim Woo-bin, featured in HD Hyundai Heavy Industries’ TV advertisement “The Truly Cool Man,” sent a congratulatory message, hoping that the merger would serve as a leap towards stronger shipbuilding and a new start for a greater Korea.