South Korea’s HD Hyundai has merged its two shipbuilding affiliates, HD Hyundai Heavy Industries and HD Hyundai Mipo, into a single entity named HD Hyundai Heavy Industries, according to local sources. The merger aims to boost global competitiveness, expand market reach, and speed up next-generation technology development.
The merger followed board approvals in August, Fair Trade Commission clearance in September, and a shareholder vote in November. Mipo shareholders received 0.4059146 shares of HD Hyundai Heavy Industries for each of their shares. The unified company began operations immediately after completing all procedures.
The merged entity targets 37 trillion won ($25.2 billion) in revenue by 2035, with 10 trillion won expected from the defense sector. It combines HD Hyundai Heavy Industries’ naval expertise with Mipo’s dock capacity and workforce to secure its position as the world’s leading shipbuilder.
The company will support the $150 billion “Make American Shipbuilding Great Again” (MASGA) initiative, a Korea-US project to revive U.S. shipbuilding. The merger also strengthens HD Hyundai’s role in the defense sector, eco-friendly ship development, and specialized markets like icebreakers amid growing Arctic demand.
Chairman Chung Ki-sun said, “Today marks a new chapter in Korea’s shipbuilding history. Combining our expertise and employee passion will spark a new wave of innovation.” Actor Kim Woo-bin, featured in HD Hyundai’s commercials, congratulated the company, calling the merger a leap toward a stronger shipbuilding industry and a new beginning for Korea.
The company will consolidate R&D and design functions to accelerate sustainable and future-ready technologies. Local sources confirm that the merger positions HD Hyundai to compete more effectively with Chinese and Japanese rivals and expand its global footprint, especially in the U.S. and defense markets.
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