Hyundai Heavy Industries Holdings changes name to HD Hyundai

The new logo for Hyundai Heavy Industries Holdings, which will change its name to HD Hyundai. [HYUNDAI HEAVY INDUSTRIES HOLDINGS]

Hyundai Heavy Industries (HHI) Holdings changed its name to HD Hyundai, aiming to emphasize its role as an investment-focused holdings company.

The company held a board of directors meeting on Thursday and approved the name change, which will be formalized at the annual shareholders’ meeting slated for March 28.

The change aims to move away from the company’s image of a manufacturing-centered business and emphasize its role as an investment holding company.

It owns 30.95 percent of Korea Shipbuilding & Offshore Engineering, 74.13 percent of Hyundai Oilbank and 100 percent of Hyundai Genuine.

HHI Holdings has been focusing on investments. It established the wholly owned autonomous ship technology company Avikus in 2020 and became the first Korean company to sail an autonomous vessel last year. A memorandum of understanding was signed with Korea Investment Corporation in March last year, announcing the two will invest a combined 1 trillion won ($830 million) in companies that focus on robotics, artificial intelligence, hydrogen and digital health care industries.

Hyundai Future Partners, a wholly owned subsidiary of HHI Holdings, acquired 76.76 percent of healthcare technology company Medi Plus Solution for 23.8 billion won in July last year.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]