Seoul: HD Hyundai Heavy Industries Co. and HD Hyundai Mipo Dockyard Co. have announced plans to merge into a single entity as part of a restructuring strategy that received approval from their respective boards on Wednesday, the companies stated.
According to Yonhap News Agency, the two shipbuilders are affiliates of HD Hyundai's intermediate holding company, HD Korea Shipbuilding and Offshore Engineering Co. (KSOE). Both companies conducted board meetings to give the green light to the plan, aiming to complete the merger by December.