Will Samsung Heavy lose ground to Hanwha, HD Hyundai?
Published date | 06 March 2023 |
Publication title | The Korea Times |
Samsung Heavy Industries is facing skepticism about its competitiveness, after its rivals decided recently to acquire manufacturers of engines for ships, in order to vertically integrate their shipbuilding supply chains, according to industry officials, Monday.
Although the shipbuilding subsidiary of Samsung Group seeks to survive through its capability of building higher value-added offshore plants, industry officials point out that Korea's shipbuilding industry could be reorganized in the long run to be under the leadership of Hanwha and HD Hyundai.
Last Thursday, HD Hyundai's subsidiary, Korea Shipbuilding and Offshore Engineering, reportedly became the only participant in the main bid to acquire a 47.8 percent stake in STX Heavy Industries from Pinetree Partners, a local private equity firm (PEF). This came as Socius, another PEF that participated in a preliminary bid to acquire STX Heavy, decided to acquire Casco, a manufacturer of castings for ship engines, from Pinetree.
Hanwha, which is supposed to acquire Daewoo Shipbuilding and Marine Engineering (DSME) during the first half of this year, was once mentioned as a potential buyer of STX Heavy. However, the conglomerate dropped out of the race after Hanwha Impact signed an agreement last month to acquire a 33 percent stake in another ship engine manufacturer, HSD Engine, from Inhwa Precision.
"By integrating technical skills of HSD Engine and DSME, we will enhance our competitiveness in the construction of ships...
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