Hyundai Heavy Industries Co., Ltd. (KOSE:A009540) announced the spin-off of Electro Electric Systems on November 15, 2016. The Electro Electric Systems will be divested into a new company named Hyundai Electric and Energy System Corporation (provisional name as of January 18, 2017). Under the deal, Hyundai Heavy Industries will be divided into four companies; it will retain core businesses, including shipbuilding, offshore and industrial plant, while three other firms will focus on electro electric systems, construction equipment and robot business. As part of the transaction, existing Hyundai Heavy stakeholders will be getting around 0.75 shares of the Hyundai Heavy and shares in each of the three other entities. Hyundai Electric and Energy System Corporation will have 3.21 million shares post-spin-off. The three newly created companies will seek listings on the stock market. A general meeting of shareholders of Hyundai Heavy Industries is scheduled on February 27, 2017 for approval of the transaction. As on February 27, 2017, the deal was approved at the preliminary shareholder meeting. The deal is expected to be completed on April 1, 2017.

Hyundai Heavy Industries Co., Ltd. (KOSE:A009540) completed the spin-off of Electro Electric Systems for KRW 1.1 trillion on April 1, 2017. The record date for transaction is March 31, 2017.