As HHI Group splits into four separate companies - Hyundai Heavy Industries; Hyundai Electric & Energy Systems; and Hyundai Construction Equipment; and Hyundai Robotics – it announced plans to spend $3.1bn on R&D.
Of this investment $1.8bn is earmarked for its shipbuilding business to develop eco-friendly and smart ships, enhancing offshore engineering capability, and establishing a smart shipyard.
The remaining $1.3bn will be split between Hyundai Electric & Energy Systems (HEES), Hyundai Construction Equipment (HCE) and Hyundai Robotics (HR) making investments of $640m, $620m and $90m respectively.
Going forward HHI plans to spend the equivalent of 6 – 7% of annual sales on R&D. All four companies will appoint chief technology officers and the number of researchers will be expanded to 10,000 from 4,000 at present.
“As today marks new chapter in our history, the three newly established companies will make utmost efforts to rank the global top five in their respective fields by making quality and technology top priorities,” stated Kwon Oh-gap, chairman and ceo of HHI.
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