Ulsan, South Korea – December 9 – Hyundai Heavy Industries (HHI), the world’s biggest shipbuilder, announced today it signed a “Memorandum of Understanding (MOU) for the Establishment of Industrial Cluster for Localizing Marine Equipment Between Marine Equipment Manufacturing and Supply Companies” at Hotel Hyundai Ulsan.

Under the MOU, HHI will join forces with KOMERI, a domestic marine equipment research institute and 25 local marine equipment manufacturers to cooperate in the field of research and planning, product development, verification test, certification, and engineer exchanges.

Starting with the goal of localizing 18 marine equipment including pressure sensors for marine engines and gas injection valves, the three parties plan to increase production of the equipment that they can produce independently.

The cluster will provide alternatives for Korean small and medium-sized maritime equipment companies that have been struggling to enter into the competitive global market and thus in turn, will lead to enhanced competitiveness of Korean shipbuilding and marine industry as a whole.

Mr. Kim Ju-tae, COO of HHI’s Engine & Machinery Division said, “We see the cluster will play a key role for the involved parties to tide over challenging conditions in the market. Moreover, HHI will continue to make efforts to develop sustainable business models that are mutually beneficial for conglomerates and SMEs.”