HD Hyundai will advance 376.2 billion won in material payments to its partners ahead of the Chuseok holiday.
According to industry sources on September 17, HD Hyundai Heavy Industries will pay approximately 139.4 billion won, HD Hyundai Samho about 86.5 billion won, HD Hyundai Electric around 71.1 billion won, the refining sector including HD Hyundai Oilbank about 38.8 billion won, HD Hyundai Marine Engines approximately 26.6 billion won, and HD Hyundai Marine Solutions about 13.8 billion won. Payments will be made up to 12 days earlier than originally scheduled for each company.
HD Hyundai has a tradition of making early payments to partners before the Lunar New Year and Chuseok holidays. Earlier this year, the company advanced 580 billion won in material payments to partners for the Lunar New Year. This initiative is expected to help partners manage increased cash flow needs for travel expenses and bonuses during the holiday season.
An HD Hyundai official stated, "We are implementing various support policies for the mutual growth of our partners," adding, "We hope this early payment will contribute to creating a stable business environment and ensuring liquidity."
Meanwhile, on September 10, five subsidiaries of HD Hyundai signed a 'Joint Agreement for Win-Win Cooperation' with first, second, and third-tier partners, agreeing to make all payments in cash or cash-equivalent methods. This aims to establish fair trading practices while enhancing the competitiveness of partners through various support in finance, productivity, safety, and technology, thereby expanding the benefits of mutual cooperation across the supply chain.
* This article has been translated by AI.
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