HD Hyundai Marine Solutions, a comprehensive solutions provider in the shipbuilding and offshore sectors under HD Hyundai, announced on the 8th that it has signed a share purchase agreement to acquire 100% of the shares in 'Goltens,' a global specialist in services for 'marine and land-based power generation engines.' The acquisition amount is $247 million (approximately 331.5 billion won).
Founded in New York in 1940, Goltens is a global engineering firm that has been engaged in the MRO (Maintenance, Repair, and Overhaul) business for two-stroke and four-stroke engines installed on ships and land-based power plants for 85 years. In addition to its headquarters in New Jersey, U.S., it operates 28 repair hubs, 19 workshops, and 31 legal entities worldwide across the Americas, Europe, and Asia. Based on a skilled workforce of approximately 1,300 people, it provides services to more than 2,300 clients and over 5,500 vessels.
Goltens' strengths lie in its capability to maintain engines of various brands regardless of the manufacturer, its global repair hubs, and a service network that allows for the rapid deployment of technical personnel to sites.
HD Hyundai Marine Solutions plans to strengthen the competitiveness of its core Aftermarket (AM) business through this acquisition. This is because it can secure overseas repair hubs, specialized personnel, and multi-brand engine maintenance capabilities in a short period. The company also intends to enhance the service capabilities of its AM business by integrating Goltens' customer response systems and service know-how across the entire group.
Even after the acquisition, Goltens will maintain its existing independent management system centered on its current CEO (Chief Executive Officer). This is to ensure the continuity of on-site technical expertise and know-how while supporting the capability development of Goltens' employees through technology exchange among HD Hyundai affiliates. It is also expected that Goltens can expand its maintenance business and seek new business opportunities by leveraging HD Hyundai's global engine portfolio.
Synergy expansion at the HD Hyundai group level is also anticipated. In particular, it is projected that the company can expand its global land-based power generation business based on HiMSEN engines by utilizing Goltens' local networks and engine service capabilities.
HD Hyundai Heavy Industries previously signed power equipment supply contracts worth 627.1 billion won and 956 billion won with Aperiion Energy Group and Coban Energy Group, respectively, in April and August of last year. HD Hyundai Marine Solutions plans to contribute to the stable operation and follow-up services of such power generation projects by leveraging Goltens' local service network.
An official from HD Hyundai Marine Solutions stated, "This acquisition is a strategic choice to maximize mutual synergy so that both companies can grow together," adding, "While respecting Goltens' existing operational philosophy, we will expand our business areas and continue to discover new opportunities in the global market."
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