- Shareholders of HD Hyundai Heavy Industries and HD Hyundai Mipo approved their merger, clearing the way for a December 1 launch.
- The merger received overwhelming support, with 98.54% and 87.56% of votes in favor at each company’s meeting.
- The integration aims to strengthen South Korea’s defense shipbuilding capabilities and enhance technological competitiveness.
- The combined entity targets 37 trillion won in revenue by 2035, nearly doubling its 2024 figure.
HD Hyundai Heavy Industries and HD Hyundai Mipo have formally approved their merger plan, setting the stage for the launch of a unified HD Hyundai Heavy Industries on December 1. The decision, backed by strong shareholder support, marks a key milestone in the group’s broader strategy to strengthen its leadership in the defense and advanced shipbuilding sectors, according to PortNews.
Merger to Strengthen Defense and Technological Competitiveness
During extraordinary general meetings held on October 23, 98.54% of HD Hyundai Heavy Industries’ shareholders and 87.56% of HD Hyundai Mipo’s shareholders voted in favor of the merger, including the National Pension Service. The merger, first proposed in August, was approved by South Korea’s Fair Trade Commission in September, which confirmed it would not affect market competition or the group’s governance structure. The restructuring is designed to drive both quantitative and qualitative growth by leveraging synergies between the two shipbuilders, diversifying global markets, and advancing next-generation technologies. By integrating naval shipbuilding expertise, dock facilities, and skilled workforces, the new entity aims to expand its presence in the defense sector and boost orders for specialized vessels. The merger also supports cost efficiency through shared R&D initiatives and better adaptation to environmental standards. The combined company targets revenue of 37 trillion won by 2035, with 10 trillion won expected from defense projects—nearly double its 2024 performance.
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Source: PortNews
