SEOUL– Hyundai Construction Equipment Co. said Tuesday that it plans to acquire the whole stake in two overseas units of its affiliate Korea Shipbuilding & Offshore Engineering Co. (KSOE) to focus on the construction machinery business.
The board of directors at Hyundai Construction Equipment decided to buy the whole stake in Hyundai Heavy Industries Brasil-Manufacturing and Trading of Construction Equipment for 73.8 billion won (US$62.5 million), the company said in a regulatory filing.
The board also agreed to acquire the whole stake in Hyundai Heavy Industries (China) Investment Co. for 146.4 billion won, Hyundai Construction Equipment said.
The deals will be finalized at the end of this year, the construction equipment maker said.
KSOE is the subholding company of South Korea’s ninth-largest conglomerate Hyundai Heavy Industries Group, which operates three shipbuilders, including Hyundai Heavy Industries Co.
Source: Yonhap News Agency