HD Hyundai Electric, an energy solution provider affiliated with shipbuilding giant HD Hyundai, announced investment plans of nearly 4 trillion won, driven by strong sales growth, according to its regular disclosure Monday.
The company plans to invest 397 billion won ($272.3 million) to expand production capacities for 765-kilovolt ultra-high-capacity transformers at its plants in Ulsan and Alabama. This marks the largest investment by the company since it became independent from HD Hyundai Heavy Industries, the world's largest shipbuilder, in 2017.
Once the plan is completed in 2028, the Ulsan and Alabama plants will be projected to generate an additional 200 billion won and 100 billion won in annual sales, respectively. The Ulsan plant currently produces 300 transformers a year, while the figure is 100 a year for the US facility.
The investment is fueled by the company’s robust sales performance last year. HD Hyundai Electric reported sales of 3.32 trillion won, a 22.9 percent increase year-on-year. This growth was driven by strong performance in high-capacity transformer projects in the Middle East. Favorable exchange rates also contributed to a record annual profit of 669 billion won, a 112.2 percent increase compared to the previous year.
With this investment, the company is gearing up for an anticipated surge in demand for power facilities in North America. HD Hyundai Electric expects increased demand for electric grids under a potential return of the Trump administration, which has pledged to revitalize traditional manufacturing in the US.
forestjs@heraldcorp.com
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