Hanwha Ocean, HD Hyundai reconcile, look to joint overseas warship bids

Quick Summary:

LEGAL BATTLEIn November of last year, nine employees of HD Hyundai Heavy were sentenced to prison or suspended jail terms on charges of illegally acquiring the KDDX-related project details from Hanwha Ocean, then Daewoo Shipbuilding & Marine Engineering Co.(DSME), between 2012 and 2015.

IMMEDIATE TARGET: $50 BILLION CANADIAN SUBMARINE PROJECTIndustry watchers said Hanwha and HD Hyundai are expected to cooperate in their bids for a 70 trillion won (US$50 billion) Canadian project to build 12 units of 3,000-ton diesel submarines.

Korea’s Defense Ministry and the Defense Acquisition Program Administration (DAPA) wanted Hanwha and HD Hyundai to form the “K Defense Industry One Team.” Sources said, however, that it was also hard for the Korean government to support the two firms in their bids for the Australian projects, given their legal disputes.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Category: Economy

Markets: South KoreaAustraliaGermanyJapan

Topics: Ocean Shipbuilding Hanwha Korean Industries Hyundai Heavy Project Trillion Warship Korea’s

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-24 @ 13:20:27 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 658 words

Reading Time: 4 minutes read

Sentences: 34 lines

Sentence Length: 20 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Korea Economic Daily

News ID: 23785505

View Article Analysis

About Korea Economic Daily

Main Topics: Economy

Official Website: kedglobal.com

Update Frequency: 1 posts per day

Year Established: 1964

Headquarters: South Korea

News Last Updated: ago

Coverage Areas: South Korea

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #91

Publisher Details

Frequently Asked Questions