Hyundai Heavy Industries Bulgaria sold to IBG Group
Bulgaria: Hyundai Electric & Energy Systems Co. Ltd. has sold its Bulgarian subsidiary Hyundai Heavy Industries Co. Bulgaria AD to the IBG Group.
Bulgaria: Hyundai Electric & Energy Systems Co. Ltd. has sold its Bulgarian subsidiary Hyundai Heavy Industries Co. Bulgaria AD to the IBG Group.
Hyundai Heavy Industries Bulgaria develops, manufactures and distributes transformers and tap changers for large-scale industrial applications. It operates a corresponding production facility in Sofia.
An international law firm CMS advised Hyundai Electric on all legal aspects of the international auction procedure.
Last year, Hyundai Electric has reportedly decided to sell Hyundai Heavy Industries Co. Bulgaria in order to improve its financial structure.
With more than 2,500 employees worldwide, Hyundai Electric generated sales of almost EUR 1.5 billion in 2018. It is part of Hyundai Heavy Industries, one of the largest shipbuilding companies in the world with consolidated group sales of more than EUR 21 billion (2018).
Source: CMS