Consortium gets $48 million order for transformersA consortium of Hyundai Electric & Energy Systems and Posco-affiliated trading company Posco Daewoo won a $48 million order to supply high voltage transformers to a British electricity and gas utility company, according to both companies on Wednesday.
Hyundai Electric is one of four newly launched spin-offs of Hyundai Heavy Industries as of April. Under the deal, the consortium will supply a total of 23 transformers, in a mix of 400 kilovolts and 275 kilovolts, to the National Grid, a state-run company based in Warwick, England, over three years from 2018.
“It is especially meaningful in that Hyundai Electric won the exclusive long-term contract in Europe, the home turf of the world’s leading players in the electric product sector including ABB and Siemens,” the Korean electric utility maker said in a statement.
“We see the commitment and engineering capabilities we have shown to the client from the previous contract played a key role in winning this contract,” a spokesperson from Hyundai branded company said.
Prior to the deal, Hyundai Electric and Posco Daewoo have supplied $110 million worth of transformers to the British company from 2011 through 2016. The spun-off company aims to achieve $4.8 billion in sales and $480 million in operating profits by 2021 with increased investments in research and development, nurturing talented engineers and developing new information communications technology-based energy businesses, according to the company.
By Kim Jee-hee