On October 23 2025, HD Hyundai Heavy Industries (HD Heavy) and HD Hyundai Mipo Dockyard (HD Mipo) secured shareholder approval for their merger at respective extraordinary general meetings, with voting results of 98.54% and 87.56% in favour.
The newly combined entity will operate under the name “HD Hyundai Heavy Industries” and will officially launch on December 1.
The merger is a strategic move to bolster synergy among Hyundai’s ship-building affiliates, especially in high-complexity naval vessels, special-purpose ships and global defence shipbuilding. The competition authority, Korea Fair Trade Commission (KFTC), had approved the deal in September on the grounds that it constitutes an intra-group merger and raises no competition concerns.
HD Heavy and HD Mipo indicated that the combined capabilities—HD Mipo’s dockyard and facility strengths paired with HD Heavy’s advanced warship technology—will accelerate development in defence and high-added-value ship markets (e.g., ice-breaking vessels). Research & development (R&D) and design functions will be integrated to reduce technology development risks, respond to environmental regulations, and promote new product commercialisation.
The merged corporation has set a target of KRW 37 trillion in revenue by 2035, including KRW 10 trillion from the defence segment—about double the KRW 19 trillion reported in 2024.
An HD Heavy representative remarked: “Shareholders recognised the necessity and strategic value of this merger. We will bring together the capabilities and know-how of both companies to continue leading the future shipbuilding market.”
