March 16, 2017
Hyundai Heavy Industries (HHI) held today an IR conference for its spun-off companies at 63 Building in Yeoido, Seoul.
The meeting addressed by Kwon Oh-gap, vice chairman & CEO of HHI; Kang Hwan-goo, president & CEO of HHI; and CEOs of HHI’s newly launched companies drew keen interest from 500 plus institutional investors and analysts on site.
In the conference, topics including goals of the spin-off plan, business overview, and growth strategy of four new companies were addressed.
Prior to the conference, as much as 98% of HHI shareholders gave green light for its spin-off plan to split into four independent companies at a shareholders’ meeting on February 27.
In his opening speech, Kwon Oh-gap, vice chairman & CEO of HHI stated, “HHI will continue to solidity its status as the market leader in the global shipbuilding and offshore sectors while Hyundai Electric & Energy Systems and Hyundai Construction Equipment will aim to become global top five players in their respective markets. We believe that’s how we can continue to make contributions to the country’s economic growth.”
Upon completion of the spin-off, HHI can greatly improve its financial soundness by lowering the debt-to-equity ratio to below 100 percent that will surely help HHI to further sharpening its standing as the global leader.
Hyundai Electric & Energy Systems will develop reliable sales potential with the production of transformers and circuit breakers. In the longer term, the company will shift its business focus onto capturing global energy solution market shares with the full line-up of electro electric products.
Hyundai Construction Equipment will strive to expand its market shares especially in the emerging markets on the back of comprehensive product portfolio including mid-large size excavators and fork lift trucks. Hyundai Robotics will accelerate industrial robots productions and introduce IT-based new robot products.
The four companies will be formally launched in early April this year. The trading of HHI shares will be suspended from March 30 through May 9 and shares of new HHI and three new companies will be traded from May 10.
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