HHI announces plans to close or merge 26 of its departments

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HHI announces plans to close or merge 26 of its departments

After Hyundai Heavy Industries cut 31 percent of its executive posts earlier this month, the world’s largest shipbuilder said yesterday it is shutting down unnecessary departments in an effort to normalize the firm.

HHI, which suffered about a 1.2 trillion won ($1.1 billion) loss in the first half of the year, said that out of 406 departments operated by the company and its two affiliates, Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries, 26 will be either shut down or merged. It also said it is looking to trim 46 of its overseas branches.

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