Hyundai Samho to spin off industrial equipment division
SEOUL, Hyundai Samho Heavy Industries Co., a midsized shipbuilder here, will turn its industrial equipment division into a wholly owned subsidiary to boost the division’s competitiveness, its parent Korea Shipbuilding & Offshore Engineering Co. said Wednesday.
The new entity, named Hyundai Infra Solutions Co., will be launched on May 3 next year, Korea Shipbuilding said in a regulatory filing.
Hyundai Samho will focus on the construction of ships, while the envisioned spin-off entity will be dedicated to manufacturing industrial equipment.
“The spin-off aims to enhance the division’s competitive edge and help it focus on its own business,” Korea Shipbuilding said.
Source: Yonhap News Agency