HD Hyundai Heavy Industries and HD Hyundai Mipo Dockyard HD Hyundai Heavy Industries said in a statement on Friday that the agenda to approve the merger was passed at an extraordinary shareholders’ meeting with 98.54 percent and 87.56 percent, respectively, including the National Pension Service.
In August, the two yards said they would pursue a merger.
After that, the Fair Trade Commission approved the merger in September, saying that the business restructuring would not affect competition since the merger between the two companies is an intra-group business combination with no change in the control structure.
This business restructuring is a “strategic measure to expand and diversify the market by maximizing synergies through quantitative and qualitative scaling, while proactively developing cutting-edge technologies to secure an absolute competitive advantage in the intensifying global market.”
Defense sector
HD Hyundai Heavy Industries expects this merger to “significantly” enhance its competitiveness in the defense sector.
By combining the shipbuilding technology know-how of the existing HD Hyundai Heavy Industries with the docks, facilities, and human resources of HD Hyundai Mipo Dockyard, which are well-suited for naval vessel construction, the company plans to expand its influence in the global defense market.
Securing cutting-edge technologies and expanding orders in the special-purpose vessel market are also anticipated.
HD Hyundai Heavy Industries plans to pool the R&D and design capabilities of both companies to reduce risks associated with technological development while cutting time and costs.
Through this, the integrated company aims to achieve sales of 37 trillion won ($25.8 billion) by 2035, representing nearly double the growth compared to the 19 trillion won recorded in 2024.
LNG carriers
HD Hyundai Heavy Industries did not win LNG carrier order in the January-August period of this year.
The shipbuilder had 49 LNG carriers in its order book as of the end of August 2025.
On the other hand, HD Hyundai Samho won orders for five LNG carriers this year.
The shipbuilder has 39 LNG carriers in its orderbook as of the end of August.
