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HD Korea Shipbuilding & Offshore Engineering is shelling out KRW81.3 billion or $63.5 million to buy STX Heavy Industries. The global leader in the shipbuilding business confirmed that it will acquire the Korea-based engines, core materials, and ship equipment manufacturer on Tuesday, Aug. 1.
According to The Korea Herald, HD Korea Shipbuilding & Offshore Engineering inked an agreement with Pinetree Partners private equity firm for the acquisition. It will buy the PEF company’s 6.52 million shares in STX Heavy Industries.
Moreover, it will also purchase an additional 5.36 million in newly issued shares. Once the transaction is completed, the shipbuilding firm will become the largest shareholder in STX Heavy Industries with its 35% stake.
After the acquisition, the shipbuilding subsidiary of HD Hyundai is planning to reinforce the management of STX Heavy Industries. It will also boost the engine and core materials manufacturer’s production capacity by bolstering the development of environmentally-friendly engine technology and building additional production lines for both diesel and dual-fuel engines.
“Combining HD Hyundai Heavy Industries’ engine technology with STX Heavy Industries’ eco-friendly engine technology will make us gain momentum in the fast-growing demand for clean transportation,” an official of HD Korea Shipbuilding & Offshore Engineering stated.
HD Korea Shipbuilding & Offshore Engineering aims to secure better production capability for small and mid-sized engines designed for ships. The company will focus on this business segment while also working on the manufacturing of engines for large container vessels.
In any case, STX Heavy Industries’ advanced turbocharger technology will help HD Korea Shipbuilding & Offshore Engineering in speeding up its local production of key engine parts. The merger will widen HD KSOE’s presence in the global sector, including China, as well.
Meanwhile, after the announcement of its acquisition of STX Heavy Industries, it was reported that the stock price of HD Korea Shipbuilding & Offshore Engineering has gone up by 0.97% to KRW124,500 at the closing bell from the previous day.
Photo by: famingjia inventor/Unsplash
