Hanjin Heavy Industries & Construction Co. is ready to fly anew with both wings of "Joseon" and "Building" to welcome its new owner. It successfully completes the merger and acquisition process with Dongbu Construction Consortium and starts normalizing early management.
Hanjin Heavy Industries & Construction held an extraordinary shareholders' meeting on Thursday and announced that it has appointed Hong Moon-ki, 59, CEO of Dongbu Engineering, as its new CEO.
The new CEO Hong graduated from Gangneung High School and Seoul National University with a degree in civil engineering, followed by Hyundai Engineering and Construction and served as the head of Dongbu Engineering and Construction's civil engineering division. Analysts say that he is an engineer and CEO of a construction company, and has expertise and leadership.
Hong Moon-ki, CEO of the company, said, "It is time for innovative changes to be reborn. We will do our best to grow into a sustainable company in the future with core competitiveness."
Previously, Dongbu Construction's consortium completed the merger and acquisition process with creditors late last month and became the largest shareholder with a 66.85 percent stake in Hanjin Heavy Industries.
With Hanjin Heavy Industries & Construction's merger and acquisition process successfully completed, expectations for normalization of management are also growing.
The consortium also plans to actively support the normalization of Hanjin Heavy Industries and Construction, which is expected to spur the improvement of its financial structure through aggressive investment.
In particular, the shipbuilding sector, which is thirsty for increased sales due to orders centered on defense and government-run ships, seems to see its strong point of expanding orders for special purpose ships and re-entering the booming commercial market. As uncertainties stemming from the stock sale process have been resolved, the ship orders under discussion are also expected to bear fruit soon.
Hanjin Heavy Industries and its ship design and 100 percent dry is leading the defense industry in the country as possible, dokttoam and Mara, as well as the Largest number of ships holds. Last month, the company signed an MOU with Daewoo Shipbuilding & Marine Engineering Co. to win an order for a basic design project for the Korean Light Air carrier (CVX).
Its competitive edge in special purpose ships is also excellent. In 2007, the company received orders for DSV (Diving Support Ship), which is a high-tech and high-value-added vessel in the field of OSV (Ocean Support Ship), for the first time in Korea.
Following the construction of the Araon, the country's first national icebreaker in 2009, the company won the world's first LNG bunkering ship in 2017. Earlier this year, it also won an order for a state-of-the-art 3D and 4D physical exploration research ship from the Korea Institute of Geoscience and
In the construction sector, another wing, the company has accumulated about 1 trillion won in orders as of the end of last month, continuing its positive performance.
It is expected that synergy effect will be achieved through cooperation with Dongbu Construction in the future as it has specialized capabilities in public works such as airports, ports, and roads, which are national infrastructure.
The merger and acquisition paved the way for Hanjin Heavy to make another leap forward in construction and shipbuilding. It is expected that synergy effect through sharing construction know-how and technology, as well as diversification of businesses such as eco-friendly energy and marine plants and entry into new businesses will accelerate.
Hanjin Heavy Industries & Construction Co., Ltd. Finds a new owner.
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