HD Hyundai Signs Win-Win Agreement with First, Second, and Third-Tier Partners... Supports 7,500 Companies
Five Companies in Shipbuilding, Power Equipment, and Construction Machinery Participate
Support Expanded to Include Cash and Cash-Equivalent Payments
HD Hyundai is expanding its win-win cooperation not only with its first-tier suppliers but also with its second- and third-tier partners, taking steps to establish a sustainable supply chain.
On September 10, HD Hyundai announced that it had signed a joint cooperation agreement to promote shared growth with its first, second, and third-tier suppliers at the HD Hyundai Heavy Industries Ulsan Shipyard.
The signing ceremony was attended by Joo Byungki, Chairman of the Fair Trade Commission; Keum Seokho, CEO of HD Hyundai Heavy Industries; Kim Jae-eul, CEO of HD Hyundai Samho; Kim Sungjun, CEO of HD Hyundai Marine Solution; Kim Youngki, CEO of HD Hyundai Electric; Kim Jongcheol, Head of Business Management Headquarters at HD Construction Equipment; and around 100 representatives from partner companies.
Through this agreement, five HD Hyundai affiliates and their partner companies have agreed to establish a fair trading order and expand support in finance, productivity, safety, and technology.
HD Hyundai expects that approximately 7,500 partner companies will benefit substantially from this agreement.
The five HD Hyundai affiliates have agreed to make all payments to partners in cash or cash-equivalent methods.
They will operate financial support systems to help ensure the management stability of partner companies and assist in improving working environments. They will also provide education and equipment to enhance productivity and safety. To protect the technological assets of partner companies, they will utilize technology escrow systems and support the strengthening of cybersecurity capabilities.
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An HD Hyundai official stated, "Our partner companies are companions in achieving continuous growth by cultivating a shared ecosystem," adding, "We plan to spare no effort in providing various forms of cooperation and support for our partners' co-prosperity."
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