Hyundai Samho Joong Changes Company Name to 'HD Hyundai Samho' and Starts Anew

Exploring and Discovering New Businesses and Fresh Species Alongside Company Name Change to Prepare for Future Markets

President Shin Hyun-dae: "We Will Return to Our Founding Spirit Through the Name Change and Lay the Foundation for a 100-Year Com

Hyundai Samho Heavy Industries (President Shin Hyundai) has changed its company name to ‘HD Hyundai Samho’ to enhance brand value and share corporate identity with the group.

On the 25th, HD Hyundai Samho held the 26th regular shareholders' meeting and resolved to change the trade name from ‘Hyundai Samho Heavy Industries CO., LTD’ to ‘HD Hyundai Samho’ (HD Hyundai Samho CO., LTD, abbreviation HSHI).

The new name ‘HD Hyundai Samho’ was finalized after a long review process including external consulting and internal contests following the group’s official name change to ‘HD Hyundai’ in December 2022.

At the 26th regular shareholders' meeting, President Shin Hyun-dae proposed an agenda to change the trade name to 'HD Hyundai Samho' to enhance brand value and share corporate identity with group companies.
[Photo by HD Hyundai Samho]

A company official stated, “The top priority was to enhance the brand value that Hyundai Samho Heavy Industries had in the global newbuilding market and to share corporate identity with the group.”

This trade name change comes 21 years after Hyundai Heavy Industries officially acquired Samho Heavy Industries, which it had been managing since 1999, in 2002 and changed the company name to ‘Hyundai Samho Heavy Industries’ the following year.

Along with the trade name change, HD Hyundai Samho plans to actively explore and discover new businesses and new ship types to prepare for the future market of the shipbuilding industry, which is facing limitations due to competition with China. At the same time, it will respond to increasingly fierce cost competition and labor shortages through continuous innovation efforts such as AI, robotics, and digital transformation.

Shin Hyundai, president of HD Hyundai Samho, stated, “Starting with the company name change, we will return to the founding spirit and build the foundation of a 100-year company by creating a history of innovation and creativity where technology, environment, and digital converge.”

Meanwhile, at this shareholders' meeting, the approval of the 26th financial statements and the appointment of directors and audit committee members were also resolved.

The financial statements announced that HD Hyundai Samho achieved sales of KRW 5.9587 trillion and operating profit of KRW 301.7 billion in 2023, achieving the best operating performance among domestic shipbuilders.

Additionally, Lee Sang-hyuk, executive director and head of the cost accounting division at HD Korea Shipbuilding & Offshore, was newly appointed as an inside director, and attorney Ko Chang-hyun of Kim & Chang Law Office was reappointed as an outside director and audit committee member.