Hyundai Heavy wins 130 bln won order from British firm

Hyundai Heavy Industries Co., South Korea's leading shipbuilder, said Thursday that it has clinched a 130 billion won (US$113.3 million) deal from a British power firm to provide transformers.

Under the deal with National Grid, Hyundai Heavy Industries will provide the 400-kilovolt transformers between 2012 and 2016, the South Korean company said in a statement.

The deal has raised the shipbuilder's annual new orders of transformers to an all-time high of 1.4 trillion won, which is up 30 percent from last year, the shipbuilder said.

Hyundai Heavy Industries is scheduled to sign another deal with the U.S. unit of National Grid to supply about 40 high-voltage transformers, it added.

New orders of transformers in overseas markets such as Europe and the Middle East have been on the increase every year, said Hyundai Heavy Industries.

Hyundai Heavy Industries also expects that it could become the world's third-largest transformer maker if its plant in Alabama, the U.S., is completed in 2012.

The shipbuilder entered into the transformer market for the first time in 1978 and has exported transformers to 70 countries.

Source: Press Release