▶ Targeting KRW 14.8 trillion (USD 11 billion) in revenue by 2030, establishing a foundation to become a leading global player ▶ HD Construction Equipment to launch as a unified entity operating two distinct brands - HYUNDAI and DEVELON - with the merger effective January 1, 2026 ▶ Aiming to strengthen fundamental competitiveness, diversify revenue streams, and secure future growth engines ▶ “This initiative is essential for sustainable growth and marks a major milestone in advancing Korea’s construction equipment industry” HD Hyundai Construction Equipment and HD Hyundai Infracore will merge to form a new entity named HD Construction Equipment (tentative) with a consolidated revenue set at KRW 8 trillion (USD 6.15 billion).  The decision to merge was made during separate board meetings held by both companies on July 1.  HD Hyundai Construction Equipment will be the surviving entity and officially become HD Construction Equipment on Jan. 1, 2026. This will follow an extraordinary shareholders’ meeting scheduled for Sep. 16, along with necessary regulatory reviews. The merger aims to enhance agility in responding to market demands amid intensifying competition and global uncertainties while strengthening future technological capabilities and ensuring cost competitiveness. The newly formed company will operate under two brands: HYUNDAI and DEVELON. The core business area will be construction equipment, supplemented by growth in engines and aftermarket services. With balanced growth across all business areas, the company aims to achieve revenue of KRW 14.8 trillion (USD 11 billion) by 2030, positioning itself as a global industry leader. Moreover, HD Construction Equipment will focus on strengthening fundamental growth, diversifying revenue sources and securing future growth engines through a unified decision-making process. HD Construction Equipment aims to achieve economies of scale by optimizing its product lines and specializing production facilities by region. At the same time, by expanding its compact equipment business, the company aims to establish a full lineup ranging from compact to ultra-large construction machinery, thereby strengthening its fundamental business competitiveness.  To diversify revenue streams, the company will focus on fostering its high-potential engine business and expanding its aftermarket operations, which center on parts replacement and maintenance. Leveraging its integrated R&D capabilities, the company aims to secure future growth engines through the development of electrified and smart construction equipment, as well as comprehensive total solutions. The merger will involve an exchange of shares: for each common share of HD Hyundai Infracore, shareholders will receive a designated amount of common shares, 0.1621707 in HD Hyundai Construction Equipment, the surviving entity. Cho Young-cheul, President and CEO of HD Hyundai XiteSolution, stated, “This merger will drive sustainable growth for the Construction Equipment Division of HD Hyundai, helping us strengthen our position in the global market and serving as a significant milestone in advancing Korea’s construction equipment industry.”   

▶ Hosted the Korea–U.S. Shipbuilding Leaders Forum to lay the groundwork for a strategic shipbuilding and maritime alliance ▶ Private-public sector initiatives for Korea-U.S. shipbuilding collaboration take shape—second forum scheduled in the U.S. this October ▶ “In awe of the remarkable capability of Korean shipyards. Expanding Korea–U.S. cooperation will be a tremendous opportunity for the U.S. shipbuilding sector” ▶ Chung Kisun, Executive Vice Chairman of HD Hyundai: “This is the starting point of a maritime alliance—we must move forward together for the advancement of both nations’ shipbuilding industries.” HD Hyundai is exploring avenues for mutual cooperation with shipbuilding and maritime experts from Korea and the U.S. HD Hyundai announced on Tuesday, June 24, that it hosted the Korea–U.S. Leaders Forum on Education and Research on Shipbuilding at its Global R&D Center in Pangyo, Korea. The forum was organized as a follow-up to the trilateral Memorandum of Understanding (MOU) signed in July last year between HD Hyundai, Seoul National University (SNU), and the University of Michigan (UM) to promote talent development in the shipbuilding industry. Previously, HD Hyundai recognized the U.S. government’s strong commitment to revitalizing its shipbuilding industry and expressed its support for efforts to strengthen the sector and bolster national security. In line with this, HD Hyundai partnered with SNU and UM to launch a joint initiative to foster future talent in shipbuilding. Co-hosted by HD Hyundai and Seoul National University, and supported by the Ministry of Trade, Industry and Energy (MOTIE), the forum marks the first since the launch of the new Korean administration in which experts from both countries have gathered to discuss practical avenues for collaboration. As a tangible milestone in public-private cooperation, the event drew considerable attention from industry stakeholders. The forum was attended by distinguished including Andrew Gately, Commercial Minister-Counselor of the U.S. Embassy in Korea; Lee Seung-ryeol, Industrial Policy Deputy Minister at the Ministry of Trade, Industry and Energy; and Chung Kisun, Executive Vice Chairman of HD Hyundai. The forum brought together a panel of leading experts: from Korea, professors representing seven top universities, including SNU and KAIST; and from the U.S., professors from six prestigious institutions, such as UM and MIT. In total, more than 40 shipbuilding and marine engineering specialists participated in the event. The event began with opening remarks by Chung. “This collaboration marks the beginning of a true maritime alliance—one that goes beyond talent exchange to sharing technologies and visions between Korea and the United States,” he said. “Let us work together toward the growth and prosperity of both nations’ shipbuilding industries.” Keynote speeches from both countries followed. Professor David Singer of the University of Michigan, speaking on behalf of the U.S. delegation, remarked, “I find myself in awe of the remarkable capability of Korean shipyards to produce the world’s largest and most intricate vessels in record time. Investing in talent is absolutely crucial for rejuvenating the U.S. shipbuilding industry, and the potential for expanding our collaboration with HD Hyundai is an exceptional opportunity we cannot afford to overlook.” In the afternoon, the forum continued at SNU, where participating universities and institutions presented their respective curricula in shipbuilding and maritime engineering. The session provided a platform for sharing best practices and exploring joint educational strategies, while also highlighting the importance of binational collaboration in cultivating talent. On the final day of the forum, Wednesday, June 25, discussions will focus on joint research themes, including “Smart Yard” technologies, aimed at digital transformation in shipbuilding. Ahead of the forum, on Monday, June 23, U.S. participants visited HD Hyundai Heavy Industries’ headquarters in Ulsan, where they toured both the commercial and naval & special shipyards and were briefed on the company’s smart shipyard initiatives and autonomous navigation technologies. The second Korea–U.S. Shipbuilding Leaders Forum is scheduled to take place in the United States in October.  

▶ An exclusive Memorandum of Understanding (MOU) between HD Hyundai and Tampa Ship, part of the Edison Chouest Offshore family of affiliated companies, was executed to collaborate on commercial shipbuilding ▶ U.S.-built, LNG dual-fuel containerships to be delivered by 2028 with support from HD Hyundai in design, procurement, and shipbuilding technology ▶ Strengthening U.S. shipbuilding capacity and advancing shared industrial and national security goals HD Hyundai announced the launch of a strategic shipbuilding collaboration in the United States centered on Tampa Ship, a major U.S. shipyard operating within the Edison Chouest Offshore (ECO) family of companies, to construct containerships in the United States. HD Hyundai announced on Sunday, June 22, that it recently held a signing ceremony with U.S.-based Tampa Ship LLC, a company within the Edison Chouest Offshore family of affiliated companies (hereinafter referred to as ECO), to establish a strategic and comprehensive collaboration that outlines a multi-faceted alliance to build medium-sized LNG dual-fuel containerships at Tampa Ship, with first deliveries targeted for 2028. As part of the collaboration, HD Hyundai will provide critical support to Tampa Ship in vessel design, procurement of specialized equipment, and transfer of advanced shipbuilding technology. HD Hyundai will also participate in the fabrication of certain ship blocks and invest in key technical infrastructure to enhance the capability of Tampa Ship. Tampa Ship, located in Tampa, Florida, has a long legacy in U.S. shipbuilding and is one of five shipyards operated by ECO across the country. Through this initiative, Tampa Ship is positioned to lead the revitalization of U.S. commercial shipbuilding and to help address the shortage of domestically constructed vessels. The signing ceremony was held on Friday, June 19 and was attended by Choi Hannae, Vice President, Head of Corporate Planning Division at HD Korea Shipbuilding & Offshore Engineering, and Dino Chouest, Executive Vice President of ECO. According to Clarksons Research, U.S. yards received orders for only three 3,600 TEU-class containerships between 2022 and 2024. This collaboration between HD Hyundai and Tampa Ship aims to address this gap and re-establish the United States as a competitive force in the global shipbuilding industry. Through this collaboration, the parties also expressed intent to explore further opportunities beyond commercial containerships, including collaboration on other potential fleet classes as well as heavy industrial port equipment, which are all integral to maritime security and domestic infrastructure resilience. “The United States is a strong ally and an important business partner for us,” stated an official from HD Hyundai. “Through our collaboration with ECO, we aim to actively support U.S. efforts to revitalize its shipbuilding industry and strengthen national security.” This initiative follows HD Hyundai’s ongoing efforts to deepen cooperation with U.S. maritime and defense stakeholders. Earlier this year, the company entered into agreements with Huntington Ingalls Industries and Fairbanks Morse Defense, and continues to support academic partnerships, including with the University of Michigan and Seoul National University, to foster future talent in naval architecture and marine engineering.