Hyundai Samho to spin off industrial equipment division

Large container ship powered by liquefied natural gas (LNG) delivered to Singapore's Eastern Pacific Shipping in waters off the coast of Haenam, South Jeolla Province. (Yonhap)

Hyundai Samho Heavy Industries Co., a midsized shipbuilder here, will turn its industrial equipment division into a wholly owned subsidiary to boost the division's competitiveness, its parent Korea Shipbuilding & Offshore Engineering Co. said Wednesday.

The new entity, named Hyundai Infra Solutions Co., will be launched on May 3 next year, Korea Shipbuilding said in a regulatory filing.

Hyundai Samho will focus on the construction of ships, while the envisioned spin-off entity will be dedicated to manufacturing industrial equipment.

"The spin-off aims to enhance the division's competitive edge and help it focus on its own business," Korea Shipbuilding said. (Yonhap)