Shipbuilder Hyundai Heavy Industries will cut costs with reorganization

Hyundai Heavy Industries will merge two divisions in a move aimed at streamlining operations and cutting costs, report local media.

Photo: Kim Hong-Ji/Reuters/Ritzau Scanpix

South Korean shipbuilder Hyundai Heavy Industries plans to merge two of its divisions in an effort to streamline operations and curb decreasing activity resulting from the coronavirus crisis, report several media, including local news outlet Pulse.

According to Pulse, Hyundai Heavy Industries will merge its shipbuilding and offshore divisions on July 1.

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