
The Fair Trade Commission (FTC) said Monday that it granted a conditional approval for HD Korea Shipbuilding & Offshore Engineering’s (KSOE) acquisition of STX Heavy Industries and its subsidiary, KM Crankshaft (KMCS).
This came a year after the HD Hyundai subsidiary signed a main contract with Pinetree Partners, a local private equity firm, to acquire a 35 percent stake in STX Heavy Industries.
As a result, the rivalry between HD Hyundai and Hanwha is expected to intensify even in the ship engine market. HD KSOE is an HD Hyundai subsidiary that supervises its shipyards.
The FTC accepted HD KSOE’s claim that the acquisition deal is aimed at enhancing its competitiveness in the global engine market by investing in eco-friendly engine production.
The antitrust watchdog, however, banned the merged entity over the next three years from refusing to supply crankshafts to its competitors and from hiking the engine component’s price excessively, considering STX Heavy Industries’ domination of the local crankshaft market.
“If Hanwha faces a setback in securing crankshafts, it could be impossible for the company to have fair competition with 추천 HD Hyundai in the ship engine market,” said Jeong Hee-eun, head of the FTC’s business trade and M&A bureau.
After its acquisition of Daewoo Shipbuilding & Marine Engineering (DSME) in 2023 and HSD Engine in 2024, Hanwha has emerged as HD Hyundai’s chief rival in both the shipbuilding and ship engine markets.
Hanwha Engine, which changed its name from HSD Engine, currently holds around 20 percent share in the local ship engine market, while HD KSOE holds around 35 percent and STX Heavy Industries holds around 5 percent.
However, the Hanwha affiliate has sourced 80 percent of crankshafts it needs from Doosan Enerbility and the remaining 20 percent from KMCS.
Following an increase in Doosan’s production of nuclear power plant devices, it has become more difficult for Hanwha to cut its reliance on KMCS. Chinese crankshafts are not regarded as a suitable alternative to KMCS’ products either, due to their quality and prices.
“The three-year period can be extended if necessary, depending on market circumstances,” the FTC official said.
child porn
child porn
child porn