Login or register now to gain instant access to the rest of this premium content! Hyundai Heavy Industries Co. Ltd. (HHI) spun off its Construction Equipment division to a new company officially called Hyundai Construction Equipment Co. Ltd on the April 1, 2017. All activities of HHI’s Construction Equipment division moved to this new company beginning of April. The Korean industrial giant is reorganizing into four companies, with its non-shipbuilding businesses being spun off to improve management efficiency and competitiveness. South Korean shipbuilders have been selling non-core assets and slashing jobs as shrinking orders from the oil industry resulted in heavy losses for shipbuilders. South Korea is home to the world's three largest shipbuilders - HHI, Daewoo Shipbuilding & Marine and Samsung Heavy Industries Co Ltd. Under the plan, HHI will retain core businesses including shipbuilding, offshore and industrial plant, while three other firms will focus on electro electric systems, construction equipment and robot business.
Korean industrial giant Hyundai Heavy Industries ( HHI ) has spun off its Construction Equipment division to form a new company , named Hyundai Construction Equipment , as it seeks to improve its efficiency and competitiveness . The deal will see HHI acquire several businesses — including shipbuilding , offshore and industrial plant — while the new companies , including Hyundai Construction Equipment , will focus on electro electric systems , construction equipment and robot business .