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Hyundai Heavy Industries Closed a Multi-billion Deal from the Philippines

by Fraeraine / Oct 25, 2016 06:43 AM EDT
Hyundai Heavy Industries Closed a Multi-billion Deal

On Monday, October 24, 2016, Hyundai Heavy Industries closed a multi-billion deal from the Philippines. Hyundai Heavy Industries (HHI) announced on Monday that they were able to win a 370 billion won, or $322 million US dollars, contract to build two 2,600-ton frigates for the said Southeast Asian country.

Hyundai Heavy Industries closed a multi-billion deal to finish these vessels by 2020 and have them delivered to the Philippines. According to the deal, these vessels, which are 107 meters long and 12 meters wide, should be equipped with naval guns, anti-aircraft missiles, torpedoes, and other weaponry. The ships must also run with a maximum speed of 46 kilometers per hour and can operate in high seas.

Hyundai Heavy Industries closed a multi-billion deal from the Philippines after a close competition with rivals from France and Spain, reported one of HHI officials. The bidding happened early this year and on August, Hyundai Heavy Industries was selected as the winning bidder. On Monday, October 24, 2016, the company finally get to close the deal with the Philippines' defense ministry. It had also been reported that the company was able to win the bid because of its good track record on building similar warships for the Korean Navy in the recent years.

Aside from the news of Hyundai Heavy Industries closed a multi-billion deal with the Philippines, it has also been reported that the company has also closed orders from other countries like New Zealand, Bangladesh, and Venezuela recently.

Hyundai Heavy Industries is said to be the world's largest shipbuilding company. Its headquarter is in Ulsan, South Korea with seven business divisions: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, Engine & Machinery, Electro & Electric Systems, Construction Equipment, and Green Energy. The company is also known to have 72 distributors and wholesalers all across 20 different countries. 

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