The shipbuilding affiliates of HD Hyundai, HD Hyundai Heavy Industries and HD Hyundai Mipo, officially launched as the ‘integrated HD Hyundai Heavy Industries’ on the 1st. The two companies have been following merger procedures, including approval from the Korea Fair Trade Commission and shareholder meetings, since announcing the merger last August. HD Hyundai expects the merger to enhance its competitiveness in the defense sector and the Korea-U.S. shipbuilding cooperation project, the ‘MASGA Project’.

The integrated HD Hyundai Heavy Industries announced on the 1st that it aims to solidify its position as the world’s top shipbuilder by achieving sales of 37 trillion Korean won by 2035. The combined sales of HD Hyundai Heavy Industries and HD Hyundai Mipo as of last year were 19.1 trillion Korean won, and the company plans to double this figure within approximately 10 years. Notably, it has set a goal to grow its defense sector sales to 10 trillion Korean won by 2035, a tenfold increase compared to last year. Prior to the merger, HD Hyundai Heavy Industries held the record for the most domestic warship construction and export performance, while HD Hyundai Mipo specializes in warship construction, boasting docks (shipbuilding spaces), facilities, and human resources tailored for this purpose.

A source from HD Hyundai stated, “HD Hyundai Mipo has extensive experience in repairing and building specialized ships, mostly medium-sized vessels, so it is fully capable of constructing not only various types of ships but also warships.”

HD Hyundai Heavy Industries is also accelerating efforts to secure a leading position in eco-friendly new technologies. By integrating the R&D and design capabilities of both companies, it plans to expand the application of new technologies from medium-sized to large vessels, maintaining a significant technological gap and seizing future market leadership. Market expansion is also anticipated. The integrated HD Hyundai Heavy Industries intends to consolidate the diverse track records of both companies in the special-purpose ship market, such as icebreakers, which are seeing increased demand due to recent Arctic development, thereby expanding market entry opportunities. In a congratulatory video message, HD Hyundai Chairman Chung Ki-sun stated, “Today marks the beginning of a new history for Korea’s shipbuilding industry,” adding, “If the passion of our employees is combined with the technological prowess and expertise of the two companies, new innovations will begin.”
Source: The Chosun Daily