Published : 2013-12-30 20:11
Updated : 2013-12-30 20:11
Hyundai Heavy Industries, the world’s largest shipbuilder, announced Monday that it will launch Hyundai Engineering & Technology, the group’s new affiliate for design and inspection, in early January.
Established through a joint investment by Hyundai Heavy, Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries, Hyundai E&T will initially focus on shipbuilding and gradually phase into plants, electronics, construction equipment and other non-shipbuilding industries, according to the company.
The company will be headquartered in Ulsan by 2016 and will also expand its labor force in the design field to 1,600 employees and in the inspection field to 400 employees by 2018.
Hyundai Heavy anticipates the new subsidiary will strengthen its engineering capacity while expanding its technological competitiveness. At the moment it relies heavily on foreign expertise.
“Hyundai E&T, as a combined engineering enterprise, will play an important role in advancing the engineering competence of the three major shipbuilding companies for the Hyundai Heavy Industries group,” said a Hyundai Heavy official.