KT acquires stake from Hyundai’s robotics division

24. June 2020

KT Corp, a leading telecommunications company in South Korea, announced in mid-June that it would acquire a 10 percent stake in the robotics business unit of the shipbuilder Hyundai Heavy Industries Group. KT hopes that the investment will improve its competitiveness in the field of modern manufacturing and robotics for industry. In detail, KT is purchasing company shares from Hyundai Robotics Co., the largest manufacturer of industrial robots in Korea, with a value of the equivalent of 41.4 million US dollars.

 

 

Hyundai Robotics is a wholly owned subsidiary of Hyundai Heavy Industries Holding Co. which in turn is the holding company of South Korea’s largest shipbuilder. At the same time, KT signed a cooperation agreement with Hyundai Heavy Industries for various innovations in their industries. KT is contributing its experience in software development, 5G networking, artificial intelligence (AI), and Big Data to this partnership, while Hyundai Robotics will develop robots for these applications. Together, the two companies plan to build so-called service robots to complement existing industrial robots.

In the area of advanced manufacturing, KT will provide its telecommunications and security services, while Hyundai Robotics will provide the automation and robotics technology to upgrade production to a smart or intelligent factory.

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