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Hyundai to spin off firms to improve efficiency
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SOUTH Korea’s Hyundai Heavy Industries said yesterday it will split its non-shipbuilding businesses into separate companies to improve management efficiency as the country’s shipyards undergo massive restructuring.
South Korean shipbuilders including Hyundai Heavy Industries and Daewoo Shipbuilding and Marine have struggled with mounting losses as global demand slows and competition from Chinese rivals intensifies.
The government and creditor banks — including the state-run Korea Development Bank — in recent months have urged intense restructuring efforts including mass job cuts.
Under the plan approved at a board meeting yesterday, Hyundai will operate six separate companies to spin off the non-core equipment and construction sectors from its core businesses, including shipbuilding, offshore and industrial plants, the company said in a statement.
Its non-core divisions range from construction equipment, green energy to robotics and account for 13 percent of sales.
The shipbuilder said the spin-off was part of its restructuring plan submitted to creditors.
“There was inefficiency because our management was centered on shipbuilding and it was difficult for businesses that record smaller sales to secure individual competitiveness,” it said.
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