April 20, 2024
Industrials
HHI, affiliates earmark W3.5tr for R&D
[THE INVESTOR] Hyundai Heavy Industries, and its newly spun-off affiliates, said on April 3 that they plan to spend a combined 3.5 trillion won (US$3.14 billion) on research and development over the next five years.
The figure includes some 400 billion won for facility expansion, according to the companies.
Last month, shareholders of HHI approved the company’s plan to hive off its noncore businesses, aimed at what it claims will boost each business unit’s competitiveness.
Under the plan, the shipyard split into four independent entities: shipbuilding, electronics, construction equipment and robotics. The trading of Hyundai Heavy shares will be suspended from March 30 through May 9.
“Each unit will strive to be among the top five in the world in each business area helped by the use of cutting-edge technologies and improved product quality,” corporate sources said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The figure includes some 400 billion won for facility expansion, according to the companies.
Last month, shareholders of HHI approved the company’s plan to hive off its noncore businesses, aimed at what it claims will boost each business unit’s competitiveness.
Under the plan, the shipyard split into four independent entities: shipbuilding, electronics, construction equipment and robotics. The trading of Hyundai Heavy shares will be suspended from March 30 through May 9.
“Each unit will strive to be among the top five in the world in each business area helped by the use of cutting-edge technologies and improved product quality,” corporate sources said.
By Alex Lee and newswires (alexlee@heraldcorp.com)
