Hyundai Heavy Industries Integrates Shipbuilding and Offshore Divisions... Reduces Total Departments by 20%

[Asia Economy Reporter Park So-yeon] Hyundai Heavy Industries announced on the 23rd that it will reduce its organization by 20%, including integrating its shipbuilding and offshore divisions, to overcome the crisis caused by the novel coronavirus infection.

Hyundai Heavy Industries explained that the purpose is to enhance organizational efficiency and improve its structure in response to the deteriorating business environment to strengthen competitiveness.

Hyundai Heavy Industries stated that the shipbuilding division, which manufactures ships, and the offshore division, responsible for offshore plants, will be integrated into the Shipbuilding and Offshore Business Division as of July 1.

They will also simultaneously streamline the organization by re-examining the necessity and effectiveness of the entire company’s organization, including engines and management support, from scratch and integrating similar departments.

Hyundai Heavy Industries said that this will naturally lead to a reduction in the number of executives.

A Hyundai Heavy Industries official emphasized, "Since overcoming the crisis for survival is the top priority, we will put all our capabilities into fully achieving this year’s management goals," adding, "This organizational restructuring will be an important opportunity to start the second half of the year anew."

Hyundai Heavy Industries said it plans to begin high-intensity crisis overcoming measures simultaneously across all affiliates.

This content was produced with the assistance of AI translation services.