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Press Release

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.


2009-12-16

Please see Hyundai Heavy Industries Co., Ltd. (HHI) company electronic office

Contacts for Media
Tel.: +82-52-202-2342
Fax.: +82-52-202-2347
e-mail: hhiopr@hhi.co.kr

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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