Hyundai Electric & Energy Systems Co., Ltd. cancelled the acquisition of Hyundai Power Transformers USA, Inc. from Hyundai Heavy Industries Co., Ltd..
April 12, 2019
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Hyundai Electric & Energy Systems Co., Ltd. (KOSE:A267260) agreed to acquire Hyundai Power Transformers USA, Inc. from Hyundai Heavy Industries Co., Ltd. (KOSE:A009540) for $28.8 million on April 13, 2018. Hyundai Electric & Energy Systems will acquire 100 shares of Hyundai Power Transformers USA for a cash consideration. Hyundai Power Transformers USA, Inc. reported total assets of KRW 165.8 billion ($155.9 million), total capital of KRW 33 billion ($31 million), sales of KRW 108.1 billion ($101.6 million) and net profit of KRW 6.9 billion ($6.5 million) for the year ended 2017. The transaction was resolved by the Board of Directors of Hyundai Electric & Energy Systems Co., Ltd on April 13, 2018. The scheduled date of acquisition is April 24, 2018.
Hyundai Electric & Energy Systems Co., Ltd. (KOSE:A267260) cancelled the acquisition of Hyundai Power Transformers USA, Inc. from Hyundai Heavy Industries Co., Ltd. (KOSE:A009540) on April 13, 2019.
HD Hyundai Electric Co Ltd, formerly Hyundai Electric & Energy Systems Co Ltd, is a Korea-based company principally engaged in manufacture and distribution of electrical components and equipment. The Companyâs products include power transformers, gas insulated switchgears, switchgears, distribution transformers, low and medium voltage circuit breakers, motors, generators, marine switchgears, marine distribution transformers, rotating machines for marine, ship automation systems, energy solutions and smart ship solutions. The Company sells its products in domestic and overseas markets.
HD HYUNDAI ELECTRIC CO., LTD. 
