HD Hyundai to Advance 400 Billion KRW Payments to Partners Ahead of Chuseok
HD Hyundai announced on the 5th that its three shipbuilding companies, three construction machinery companies, and HD Hyundai Electric plan to make early payments of 401.4 billion KRW to their suppliers ahead of the Chuseok holiday.
By company, the three shipbuilding firms (HD Hyundai Heavy Industries, HD Hyundai Mipo, and HD Hyundai Samho) will pay 224.8 billion KRW, the three construction machinery firms (HD Hyundai Site Solutions, HD Hyundai Infracore, and HD Hyundai Construction Equipment) will pay 120.2 billion KRW, and HD Hyundai Electric will pay 56.4 billion KRW early.
Through this, HD Hyundai aims to help its partner companies secure cash liquidity ahead of Chuseok, when cash demand increases due to holiday travel expenses and bonus payments.
An HD Hyundai official said, "We will prepare various support policies for mutual growth with our partners," adding, "We hope this will contribute to creating a stable management environment and securing liquidity ahead of the Chuseok holiday."
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Meanwhile, the three HD Hyundai shipbuilding companies also made early payments of material costs before the summer vacation period from July 29 to August 8. They advanced payments by up to 22 days, paying a total of 355.1 billion KRW in material costs: 181 billion KRW by HD Hyundai Heavy Industries, 74 billion KRW by HD Hyundai Samho, and 100.1 billion KRW by HD Hyundai Mipo.
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