Promoting Maximization of Production Efficiency and Profitability
STX Heavy Industries officially launched under the new name HD Hyundai Marine Engine through an extraordinary general meeting of shareholders held on the 30th.
President Kang Young was appointed as the first CEO. Kang, who led the acquisition of STX Heavy Industries, joined HD Hyundai Heavy Industries in 1992 and served as Executive Director of Accounting at the Management Support Headquarters (Managing Director), Head of the Management Division (Executive Director), and Head of the Finance Headquarters (Vice President).
HD Hyundai explained, "He is recognized as the best candidate to lead efficient investment and financial stability at HD Hyundai Marine Engine."
With the launch of HD Hyundai Marine Engine, HD Hyundai has set a goal to lead the global ship engine market, expected to grow to about 15 trillion KRW by 2030, by advancing engine technology and strengthening the production portfolio.
HD Hyundai Marine Engine will focus on localization of core components and securing cost competitiveness by utilizing crankshaft and turbocharger production technologies. The production of ship engines will be reorganized into a three-company system consisting of HD Hyundai Heavy Industries, HD Hyundai Marine Engine, and HD Hyundai Engine to maximize efficiency.
An HD Hyundai official said, "Eco-friendly engine technology is a key driver leading the decarbonization energy transition in the shipbuilding industry," adding, "We will strengthen our position as a leading company in the global ship engine market."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
