Daewoo Heavy May Join Engine Joint Venture
Friday, December 03, 1999
Daewoo Heavy Industries Co. has reportedly expressed willingness to join Korea Heavy Industries and Construction Corp. in a planned ship engine joint venture. Executives from Daewoo, Korea Heavy and Samsung Heavy Industries Co. are to meet Dec. 4 to discuss Daewoo's proposal to join the venture.
Korea Heavy and Samsung have agreed to set up a 60-40 joint venture that will take over ship engine manufacturing operations of the two companies starting on Jan. 1.
Daewoo Heavy officials confirmed it had expressed its intention to join the venture, but did not give more information.