Haeduk Powerway Co., Ltd. Establishes New Subsidiary According to BAC Company Report
14 May 2012 • by Natalie Aster
LONDON - In order to enable its entry into the Chinese market, Haeduk Powerway has established a local company that enables Haeduk sales activities in China, and a production facility that enables local manufacture of company's products. The announcement was made in June 2011, informing about 3.3 billion investment into new subsidiary and a 66% share in the project. The remaining 34% are held by STX Metal. An announcement made earlier in spring 2012 confirmed the completion of a Chinese plant ready to deploy. The plant is about to reach full capacity by the end of the year.
Haeduk Powerway has been slowing down in the past two years. The results for FY 2011 show revenue down 3% to KRW 58.4 B, gross profit decrease by 17.1% to KRW 12.1 B, operating income down 27.3% to KRW 9 B, and net income decline by 21.3% to 8.8 B. the year finished with weak fourth quarter: revenue of KRW 17.1 B, gross profit of KRW 2.8 B, operating income of KRW 1.5 B, net income of KRW 1.4 B. Yet the company sees future prospective for sustainable growth and carries on its mid-term development strategy.
Founded in 1978 and headquartered in Busan Metropolitan City (South Korea), Haeduk Powerway engages in design, development and manufacture of rudder assemblies. Product portfolio includes stem tubes, rudder horns and bosses, propeller shafts, rudder blades, pintles, rudder stocks and rudder carriers. Since 2009 Haeduk trades on KOSDAQ under the ticker 102210.
Full description on the company’s business, products, possibilities and more can be found in the report "Haeduk Powerway Co., Ltd. Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis" recently published by Market Publishers Ltd.
Title: Haeduk Powerway Co., Ltd. Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis
Date: Apr, 2012
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