SK - Hyundai Heavy merges shipbuilding, offshore divisions to survive crisis
Hyundai Heavy Industries (HHI), the biggest shipbuilder in South Korea, has decided to integrate its shipbuilding and offshore business divisions and scale back the organisation by about 20 per cent.
The reorganisation plan will be implemented from 1 July 2020, HHI said in a statement.
As explained, the coronavirus pandemic has negatively affected HHI’s business, forcing the shipbuilder to find ways to overcome the crisis. The reorganisation will help HHI improve efficiency and secure competitiveness, according to the shipbuilder.
“Currently, surviving the crisis is the first priority and therefore we will put all our capabilities and focus our efforts on achieving our management’s goals this year,” an official from HHI said.