HD Hyundai Marine Solution Acquires U.S. Engine Maintenance Company Goltens for KRW 331.5 Billion
Acquires 100% stake in U.S.-based Goltens, securing 28 repair locations worldwide
Expands marine MRO business; expects synergies with power generation business built on HiMSEN engines
HD Hyundai Marine Solution will acquire Goltens, a global specialist in marine and land-based power generation engine services, for approximately KRW 331.5 billion. The company plans to strengthen its competitiveness in the marine aftermarket (AM) business and expand into land-based power generation engines by securing 28 repair locations worldwide and more than 1,300 specialists.
HD Hyundai Marine Solution disclosed on October 8 that it had signed a stock purchase agreement to acquire a 100% stake in Goltens, a global specialist in marine and land-based power generation engine services. The acquisition is valued at approximately $247 million (approximately KRW 331.5 billion).
Founded in New York in 1940, Goltens specializes in the maintenance, repair and overhaul (MRO) of two-stroke and four-stroke engines used in ships and land-based power plants. Excluding engine manufacturers, it is considered one of the world's leading engine MRO companies in terms of service scope and business scale.
Goltens currently operates 28 repair locations, 19 service workshops and 31 legal entities worldwide, including its headquarters in New Jersey, as well as locations across the Americas, Europe and Asia. It employs more than 1,300 skilled technicians and provides maintenance services to approximately 2,300 customers and more than 5,500 ships.
One of its key strengths is its technical expertise in servicing engines from a range of brands, rather than being limited to a particular manufacturer. Its ability to respond quickly to customer requests through its repair locations around the world is also considered a competitive advantage.
HD Hyundai Marine Solution plans to expand its core marine AM business through the acquisition. It aims to strengthen its service competitiveness by securing overseas service locations and specialized technical personnel that would have been difficult to establish on its own, while leveraging Goltens' customer network and maintenance expertise.
The acquisition is also expected to create synergies with HD Hyundai Group's land-based power generation business. HD Hyundai is expanding its presence in the global land-based power generation market using its in-house-developed HiMSEN engines. HD Hyundai Heavy Industries signed power generation equipment supply contracts worth KRW 627.1 billion with Aperion Energy Group in April this year and KRW 956 billion with Kovan Energy Group in August.
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An HD Hyundai Marine Solution representative said, "This acquisition is a strategic choice aimed at maximizing synergies and enabling both companies to grow together. While respecting Goltens' existing operating philosophy, we will expand our business scope and continue to seek new opportunities in the global market."
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