HD Hyundai Heavy Industries and HD Hyundai Mipo have approved their merger plan, paving the way for the launch of the integrated HD Hyundai Heavy Industries on December 1, the company said in a statement.
The two shipbuilders announced on October 23 that their respective extraordinary general meetings of shareholders passed the “merger agreement approval” agenda with votes in favor from 98.54% and 87.56% of attending shareholders, including the National Pension Service.
The companies first disclosed their merger plan in August, citing goals such as leading South Korea’s defense industry, securing advanced technologies, and expanding markets. In September, the Fair Trade Commission approved the deal, determining that the merger—occurring within the same corporate group—would not alter the group’s governance structure or affect market competition.
The restructuring aims to achieve both quantitative and qualitative growth by maximizing synergies, diversifying markets, and securing a competitive edge through preemptive development of advanced technologies.
The integrated HD Hyundai Heavy Industries expects the merger to strengthen its position in the defense sector by combining HD Hyundai Heavy Industries’ experience in naval shipbuilding with HD Hyundai Mipo’s dock facilities, equipment, and skilled workforce. The company also anticipates growth in orders for specialized vessels and aims to reduce R&D risks and costs through joint technological development.
By leveraging the combined record of both firms in specialized shipbuilding, the integrated entity plans to expand market entry opportunities and adapt quickly to environmental regulations. The company has set a target of 37 trillion won in revenue by 2035, including 10 trillion won from defense projects—nearly doubling its 2024 revenue of 19 trillion won.
HD Hyundai Heavy Industries Co., Ltd. is a South Korean shipbuilding company engaged in the design and construction of commercial vessels, naval ships, and offshore structures. It operates as part of HD Hyundai Group, a major industrial conglomerate in South Korea with businesses spanning shipbuilding, heavy equipment, and energy.
HD Hyundai Mipo Dockyard Co., Ltd. is a South Korean shipbuilder specializing in medium-sized vessels, including tankers, product carriers, and naval ships. The company is also a subsidiary of HD Hyundai Group.
