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HHIC holds an agreement ceremony for business normalization




- Busan Metropolitan government, Busan City Council, Busan Chamber of Commerce & Industry, civil groups,

Dongbu Corporation and HHIC decided to support management normalization 
- Mayor Park Hyeong-joon believes that HHIC would play a big role in boosting local economy and creating jobs


(From the 3rd person on the left) Mayor Park Hyeong-joon,

Heo Sang-heui (CEO of Dongbu Corporation), Hong Moon-ki (CEO of HHIC)


(From the 3rd person at the left bottom)  Mayor Park Hyeong-joon, Heo Sang-heui (CEO of Dongbu Corporation)

(First person at the right bottom) Hong Moon-ki (CEO of HHIC)


HANJIN Heavy Industries & Construction (HHIC) which made a new start after closing the M&A deal pulled the trigger for business normalization, announcing that it would actively involve in the construction of merchant vessels with the agreement ceremony. 


The Agreement Ceremony for HHIC Business Normalization was at the city hall in the afternoon on September 28 with the attendance of Mayor Park Hyeong-joon, Shin Sang-hae (Busan City Council Chairperson), Jang In-hwa (chairman of the Busan Chamber of Commerce & Industry), Park In-ho (president of Busan Citizen Network for Saving Economy), Heo Sang-heui (CEO of Dongbu Corporation), Hong Moon-ki (CEO of HHIC) and Sung Gyeong-chul (Vice President of HHIC). 


This ceremony was held to urge and support the business normalization of HHIC, the largest shipbuilder in Busan. Founded in 1937 as South Korea’s first shipbuilder, HHIC had been a key to the growth of shipbuilding industry and development of Busan economy. Due to persistent downtown in shipbuilding markets for the past decade, however, the company has been suffering difficulties. Fortunately, a deal to sell off the multinational shipbuilder between creditors and Dongbu Corporation-led consortium was smoothly executed last month. 


The City of Busan held this event with the attendance of officials from Busan City Council, Busan Chamber of Commerce & Industry, civil groups and Dongbu Corporation to help HHIC which has played a big role in local economy with about 2,000 jobs and 100 vendors normalize their business management. 


In response to citizens’ desire for boosting local economy and normalizing the business management of HHIC, the attendees agreed to make continued efforts for the early business normalization of HHIC, maintain employment in shipbuilding industry and provide a fully support for such business normalization. 


The shipbuilding industry leader also accelerated its pace for business normalization. Early this month, HHIC won the contract for the construction of 3 eco-friendly hybrid national fishery guidance supervision vessels. It has also reorganized its departments and recruited talents to increase the order for merchant vessels. Since the company is currently in negotiation with multiple ship owners, it is anticipated to hear some good news soon. 


Mayor Park Hyeong-joon said, “HHIC is the world’s renowned shipbuilder in commercial ships and high-tech & high-value added vessels as well as special-purpose ships.” He continued, “For our beloved citizens, we are going to make our best efforts to normalize the business management of HHIC soon in cooperation with local communities and related agencies to boost local economy and create jobs.”


At the ceremony, Hong Moon-ki, CEO of HHIC, addressed, “We’d like to express our deepest gratitude to the City of Busan, local society and citizens who have supported us despite such unfavorable situations.” He added, “We will devote all our energy to business normalization and make a contribution to the growth and prosperity of Busan economy.”
Meanwhile, HHIC aims to concentrate on LNG & LPG ships, product oil & chemical tankers and crude-oil carriers as well as mid-sized container ships to strengthen its mid- and long-term competitiveness in shipbuilding and expand markets by reinforcing business portfolios. 






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