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Midsized shipbuilder Hyundai Samho Heavy Industries Co. will turn its industrial equipment division into a wholly-owned subsidiary named Hyundai Infra Solutions Co to boost the competitiveness.
According to Hyundai Samho's parent, Korea Shipbuilding & Offshore Engineering Co., the new entity will be launched on May 3 next year.
The spin-off will allow Hyundai Samho to focus on the construction of ships.
Meanwhile, Hyundai Infra Solutions Co 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 noted.
Earlier this week, Hyundai Samho inked a 203.1 billion won contract to build one liquified natural gas (LNG) carrier for a European company and another 195.2 billion won contract to build two very large crude carriers (VLCCs) for an Asian client.
Hyundai Samho will make deliveries of the LNG carrier by November 2024 and the VLCCs by March 2022.
Overall, Korea Shipbuilding has bagged new orders worth 1 trillion won this week.
