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Daewoo Heavy Industries Co News

21 Jul 1999

Daewoo Heavy Wins $140M Greek Order

Daewoo Heavy Industries Co. Ltd. reportedly won a $140 million order from Greece's Kristen Navigation Inc. to build two very large crude oil carriers.

14 Aug 2000

Daewoo Reports Hefty Losses

Daewoo Heavy Industries Co. (DHI)announced a loss in the first- half of this year of 337.7 billion won ($302.9 million), compared with net income of 53.2 billion won in the same period last year. DHI is undergoing a reorganization to divulge itself of money-losing operations, as are many of the large Korean industrial conglomerates. Current plans plans call for a split in the shipbuilding and construction equipment businesses into separate units, leaving the remaining company with nonoperating assets, including stakes in Daewoo Motor Co. The division is set for Sept. 1 after several delays. Sales totaled 2.08 trillion won, down from 3.11 trillion won in the same period in 1999, in part because a stronger won meant dollar-denominated ship sales converted into fewer won in the accounts.

11 Oct 2000

Daewoo To Split Into Three Units

South Korea's Daewoo Heavy Industries Co apparently plans to split into three units on October 23, pending an approval from its board of directors. It's unknown at present how the spin off will effect the world's second largest shipbuilder. The company planned to divide its shipbuilding and machinery operations and form a third company to manage its debts. The machinery and shipbuilding units are expected to list separately around December 20, pending approval from the Financial Supervisory Service.

17 Mar 2000

Daewoo Split: Painful But Necessary

The splitting of Daewoo Heavy Industries Co., the shipbuilding and machinery unit of South Korea's ailing Daewoo Group, into three firms should boost shareholder value, analysts said. A shareholders meeting earlier in the week approved a plan to split the company into Daewoo Shipbuilding and Marine Engineering Co., machinery maker Daewoo Heavy Industries and Machinery Ltd., with Daewoo Heavy Industries Co. taking the remaining operations. Daewoo Heavy is among the 12 Daewoo Group firms put under a creditors-led debt restructuring program in late August last year as the group was teetering on the brink of insolvency. "The split of Daewoo Heavy is a painful but inevitable choice for shareholders," said an analyst at Daishin Securities.

02 Aug 1999

Daewoo Wins $90M Greek Ship Order

Daewoo Heavy Industries Co. Ltd. has reportedly won a $90 million order from Greece's Chandris Inc. to build four bulk carriers.

20 Sep 1999

Daewoo Heavy Gets $110 M For Two Ships

Daewoo Heavy Industries Co. Ltd., a unit of South Korea's Daewoo Group, won $110 million orders to build two ships for Norway and Hong Kong, company officials said. Daewoo Heavy said in a statement that the Wilhelmsen Group of Norway placed an order for a RoRo ship worth $75 million. The Tai Chong Cheang Group of Hong Kong ordered a 173,000 dwt class bulk carrier for $36 million. Each of the contracts with the companies included an optional order to buy further identical ships, officials said. The RoRo carrier will be delivered by February 2001, and the bulk carrier is to be delivered by the end of 2001, Daewoo officials said.

03 Dec 1999

Daewoo Heavy May Join Engine Joint Venture

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.

09 Mar 2000

Daewoo To Invest In Joint Manufacturing Operation

South Korea's Daewoo Heavy Industries Co. will invest $4.5 million in a joint ship engine manufacturing operation between state-run Hanjung and Samsung Heavy Industries Co., the Ministry of Commerce, Industries and Energy said. The ministry said Daewoo Heavy will hold a 17 percent stake through its investment in the newly named HSD Engine Co. Hanjung will hold a majority 51 percent stake, and Samsung Heavy 32 percent. Hanjung and Samsung will also pay $11 million and $6.8 million, respectively along with Daewoo's investment to raise HSD's equity capital to $26.8 million from the current $4.5 million. The ministry said most of the new capital would go to facility investment and the rest to research and development.

14 Mar 2000

Daewoo Heavy Approves Split Plan

Daewoo Heavy Industries Co. shareholders approved a plan to split the firm into three companies, officials said. The plan will go into effect May 1. Under the plan, the company will split into shipbuilding firm Daewoo Shipbuilding and Marine Engineering Co., machinery maker Daewoo Heavy Industries and Machinery Ltd. and Daewoo Heavy Industries Co. for the remaining operations. Daewoo Heavy is among the 12 Daewoo Group firms put under a creditors-led debt restructuring program in late August last year, as the group was teetering on the brink of insolvency.

15 Mar 2000

Daewoo Split Predicted To Add Value

The splitting of Daewoo Heavy Industries into three firms should boost shareholder value, analysts said. The companies will eventually benefit from the split, analysts said, calling it a "painful but inevitable choice." Analysts said the shipbuilding and machinery units would be reborn as clean companies, while Daewoo Heavy Industries Co. would become a paper company, shouldering most of the company's debts. However, they said, Daewoo Heavy will eventually be liquidated in four or five years once it settles its internal debt issues. A shareholders meeting approved a plan to split the company into Daewoo Shipbuilding and Marine Engineering Co, machinery maker Daewoo Heavy Industries and Machinery Ltd., with Daewoo Heavy Industries Co taking the remaining operations.

02 Jun 1999

Daewoo Heavy Wins $180M Italian Order

Daewoo Heavy Industries Co Ltd reportedly won a $180 million order from Italy's Moby Lines to build two luxury car-ferry ships.