Hyundai Heavy Buys Hyundai Corp
Dec. 2009 - Hyundai Heavy Industries signed a contract to buy a controlling stake in Hyundai Corp on December 10.
Hyundai Heavy acquired 50% plus one share of the trading company for 235 billion won to diversify its business.
Hyundai Heavy designated Chung Mong-hyuck as the chairman of Hyundai Corp., a trading company.
Kim Young-nam, currently senior executive vice president of Hyundai Heavy, will take up the position of Hyundai Corp.'s chief executive officer, while Yang Bong-jin, also an executive of Hyundai Heavy, will join Hyundai Corp.'s management team as senior executive vice president.
The appointments are expected to be confirmed during a shareholders meeting in January 2010.
Please see Hyundai Heavy Industries Co., Ltd. (HHI) company electronic office
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Hyundai Heavy Industries Co., Ltd. (HHI) is the world's largest shipbuilding company, headquartered in Ulsan, South Korea. It has seven business divisions: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, Engine & Machinery, Electro & Electric Systems, Construction Equipment, and Green Energy.
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