STX Heavy Industries starts anew as HD Hyundai Marine Engine

CEO Kang Young

STX Heavy Industries Co. has officially changed its name to HD Hyundai Marine Engine Co., following an approval on Tuesday.

STX Heavy Industries held an extraordinary shareholders’ meeting on Tuesday and approved amendments to the company’s articles of association, including changing the company name to HD Hyundai Marine Engine and appointing new directors.

Established in 2001, STX Heavy Industries is now embarking on a new journey as HD Hyundai Marine Engine.

According to the shipbuilding industry, with the incorporation of HD Hyundai Marine Engine, HD Hyundai’s global market share for ship engines has increased from 35 percent to 37 percent, securing the top position in the industry.

Kang Young has been appointed as HD Hyundai Marine Engine’s inaugural CEO. He joined HD Hyundai Heavy Industries in 1992 and has served as the Chief Financial Officer (CFO).

He led the acquisition of STX Heavy Industries by HD Korea Shipbuilding & Offshore Engineering and is considered the best fit to guide efficient investment and financial stability at HD Hyundai Marine Engine.

HD Hyundai plans to utilize HD Hyundai Marine Engine to advance ship engine technology and enhance production efficiency. Initially, it will leverage the crankshaft production technology and unified turbocharger production system owned by HD Hyundai Marine Engine to localize core ship engine components and secure cost competitiveness.

Furthermore, it will reorganize the ship engine production system according to scale and purpose.

HD Hyundai Heavy Industries will focus on large ship propulsion engines, while HD Hyundai Marine Engine will handle small and medium-sized ship propulsion engines.

HD Hyundai Engine will also be responsible for power generation engines. This strategy aims to efficiently respond to the increasing demand for engines due to global environmental regulations.

The three ship engine companies under HD Hyundai plan to enhance their eco-friendly engine design competitiveness through technology sharing and expand export channels by sharing overseas distribution networks.