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Shin Jia and Kim Hee-su fromjia@ajunews.com

Kolon Spaceworks Expands North America Defense Push With Canada Submarine Teaming Deal Kolon Spaceworks said it is stepping up its push into the North American defense market through cooperation with Hanwha Ocean and Canadian firm Spartec. The company said it signed a teaming agreement, or TA, with Hanwha Ocean and Spartec at ‘CPSP Partners Day’ held April 28 (local time) in Montreal to strengthen competitiveness for Canada’s next-generation submarine program, known as CPSP. Kolon Spaceworks said the agreement establishes a cooperation framework with a local partner that has manufacturing capabilities and helps secure localization capacity needed to carry out the project. Under the CPSP effort, Kolon Spaceworks said it will work with Spartec, a Canadian composites company, to expand in North America based on its own technology. Spartec is headquartered in Erin, Ontario, and has more than 40 years of experience producing composite parts for the automotive, industrial and defense sectors, the company said. Kolon Spaceworks said it plans to use the agreement to find additional local partners and broaden cooperation with institutions, strengthening its mid- to long-term business base in the North American defense market. CEO Ahn Sang-hyun said the deal will reinforce the company’s cooperation network with Canadian partners and contribute to improving competitiveness across Canada’s defense industry. He said Kolon Spaceworks aims to have its core technologies, proven through domestic submarine projects, recognized in global markets and to expand cooperation into aviation and space.* This article has been translated by AI. 2026-04-29 13:39:21
HD Hyundai Site Solution Deploys Unmanned Autonomous Excavator to Job Site for First Time HD Hyundai Site Solution, the intermediate holding company for HD Hyundai’s construction machinery business, has deployed an unmanned autonomous excavator to an active construction site for the first time. The company said Tuesday it delivered the excavator, developed with AI-based autonomy firm Gravis Robotics, to a site operated by European construction company KIBAG. The machine is a 22-ton, mid-size excavator from HD Construction Equipment fitted with the “Real X” solution, combining HD Hyundai Site Solution’s smart platform with Gravis’ AI technology. It is set to work at a construction site in Tuggen, Switzerland, carrying out civil engineering work autonomously on a project measuring 3 meters (10 feet) deep, 12 meters (39 feet) wide and 1 kilometer (0.6 miles) long. The company said the Real X-equipped excavator can operate toward preset targets without being affected by operator fatigue or lapses in concentration, delivering average productivity of about 120% compared with manned operation. The delivery follows an “autonomous construction equipment cooperation project” between HD Hyundai Site Solution and Gravis Robotics. The two companies have continued technical collaboration since signing an MOU at BAUMA 2025 in Germany on demonstrations of autonomous construction equipment. HD Hyundai Site Solution said it plans to expand global partnerships and gradually increase deployments of unmanned autonomous construction equipment, building on earlier European demonstrations and the Swiss site supply. “This project is a first step in implementing unmanned autonomous construction equipment technology at a real job site,” said Kim Pan-young, an executive director at HD Hyundai Site Solution. He said it would help improve safety and productivity and serve as a turning point that brings forward the future of the global construction machinery industry.* This article has been translated by AI. 2026-04-29 10:56:50
Doosan Tesna Expands Semiconductor Test Capacity, Restarts Pyeongtaek Plant 2 Project Doosan Tesna is making a large investment to expand its semiconductor testing infrastructure. According to industry sources on the 29th, the company disclosed that it decided to acquire about 190.9 billion won worth of tangible assets, including semiconductor test equipment, from Teradyne (TERADYNE (ASIA) Pte.,LTD) and SEMES, among others. Doosan Tesna said it will bring in the equipment in stages through the end of this year and continue expanding its semiconductor testing capacity. The company also increased a previously disclosed equipment investment plan of about 171.4 billion won, announced in October last year. Citing rising product demand, it raised the planned amount to about 205.3 billion won. Counterparties include Advantest Corporation and SEMES, among others. In addition, Doosan Tesna disclosed it will fully resume investment in a new facility for its second plant in Pyeongtaek, after adjusting the start date in line with market conditions. The investment totals about 230.3 billion won, with completion targeted for November 2027. A Doosan Tesna official said the asset purchases and plant construction are “proactive steps to secure a foundation for future growth,” adding they are expected to play an important role in boosting revenue and operating profit over the mid to long term.* This article has been translated by AI. 2026-04-29 08:42:04
SK Inc. to Invest 400 Billion Won to Raise Stake in SK Ecoplant, Boost Chip and AI Push SK Inc. is moving to strengthen its competitiveness in semiconductor and AI infrastructure by increasing its stake in SK Ecoplant. SK Inc. said in a regulatory filing on the 28th that its board approved an investment of about 400 billion won to buy SK Ecoplant common shares and convertible preferred shares held by financial investors. The company said the move is aimed at linking SK Ecoplant’s growth potential in the semiconductor value chain to SK Inc.’s corporate value and maximizing shareholder value. If SK Inc. purchases the common shares and part of the convertible preferred shares, its stake in SK Ecoplant will rise to 71.2% from 66.7%. Also on the 28th, SK Ecoplant began procedures, including calling an extraordinary shareholders meeting, to buy the remaining convertible preferred shares worth about 650 billion won. SK Inc. said the decision builds on SK Ecoplant’s business reshuffling led by SK Inc., centered on semiconductor and AI infrastructure. SK Ecoplant has expanded its business model beyond its established EPC business for semiconductor production facilities — engineering, procurement and construction — into the AI data center sector. The company said it aims to strengthen its position as a supplier of AI infrastructure solutions. SK Ecoplant’s results reflected the shift. On a consolidated basis, 2025 revenue rose 40% to 12.1916 trillion won from 8.7346 trillion won in 2024, and operating profit jumped 40% to 315.9 billion won from 226.1 billion won a year earlier. SK Inc. said the investment will expand its stake in SK Ecoplant, a key unlisted portfolio company, and accelerate value-up efforts to enhance shareholder value. An SK Inc. official said the company, as SK Group’s holding firm, will continue to actively rebalance its portfolio around semiconductors, AI infrastructure and energy solutions to raise corporate value.* This article has been translated by AI. 2026-04-28 17:12:18
Lotte Fine Chemical Q1 2026 Operating Profit Jumps 73.9% to 32.7 Billion Won Lotte Fine Chemical reported preliminary first-quarter 2026 results on the 28th, posting revenue of 510.7 billion won and operating profit of 32.7 billion won. Revenue rose 14.6% from a year earlier, while operating profit jumped 73.9%. The company cited stronger earnings from higher sales of TMAC (tetramethylammonium chloride aqueous solution), a raw material used in semiconductor developer solutions, amid a boom in the chip market. It also pointed to higher international prices for ECH (epichlorohydrin), a feedstock for epoxy resins, and increased sales from expanded capacity for Heros, a cellulose-based paint additive. Lotte Fine Chemical said profitability is expected to improve further in the second quarter as it steps up eco-friendly businesses. The company has entered the ammonia marine-fuel supply (bunkering) market and said it succeeded in commercializing the business on April 23, positioning itself as a leading company in clean ammonia. It is also preparing to break ground on a new plant for higher value-added products. Handuck Chemical, a Lotte chemical affiliate that produces TMAH (tetramethylammonium hydroxide) used in semiconductor developer solutions, plans to start construction of a new plant in Pyeongtaek in the second quarter. TMAC is a key raw material for developer solutions used in semiconductor circuit etching processes, and Lotte Fine Chemical said it has the world’s No. 1 TMAC production capacity. Chief Executive Jeong Seung-won said, "In the first quarter, profitability improved sharply due to factors including increased sales of TMAC, a raw material for semiconductor developer solutions, amid a boom in the semiconductor market." He added, "This year will be one in which we deliver visible results in the ammonia marine-fuel business and core semiconductor materials businesses we have been pursuing to strengthen eco-friendly and higher value-added operations."* This article has been translated by AI. 2026-04-28 17:00:21
Doosan Bobcat Q1 2026 Operating Profit Rises 3.5% to 207 Billion Won Doosan Bobcat said in a regulatory filing on the 28th that it posted first-quarter 2026 revenue of 2.2473 trillion won and operating profit of 207 billion won. Revenue rose 7.1% from a year earlier and operating profit increased 3.5%. Net profit climbed 15.9% to 131.4 billion won, helped by lower financial costs. In dollar terms, revenue and operating profit increased 6.2% and 2.6%, respectively, maintaining an overall growth trend. By region, Europe, the Middle East and Africa grew 18% on a recovery in demand for compact equipment, leading results. North America rose 3% as forklift sales rebounded. Asia, Latin America and Oceania increased 4% on higher sales in South America, China and India. By product, compact equipment revenue rose 7%, and industrial vehicles grew 4% on expanded sales in North America. Portable power revenue fell 18% due to delays in a key customer’s sales schedule. Doosan Bobcat said it is maintaining an annual minimum dividend of 1,600 won per share and a quarterly dividend policy under its corporate value enhancement plan. Its board on the 28th set the first-quarter dividend at 400 won per share.* This article has been translated by AI. 2026-04-28 16:54:18
Hanwha Solutions posts 92.6 billion won Q1 operating profit, up 205.5% on year Hanwha Solutions said it improved results despite growing external uncertainty, posting profits across all business units. The company said Monday it posted a consolidated operating profit of 92.6 billion won ($?) for the first quarter of 2026, up 205.5% from a year earlier. It marked a return to profitability after three quarters, following the second quarter of 2025. Revenue rose 25.4% to 3.882 trillion won. By division, the renewable energy business posted revenue of 2.1109 trillion won and operating profit of 62.2 billion won. Even in the seasonally slow first quarter, revenue rose 32.0% from a year earlier, topping 2 trillion won. The company said last year’s U.S.-bound cell customs-clearance delays were fully resolved late in the year, normalizing operations at its U.S. plant and accelerating EPC project work, which lifted module sales volumes. It also cited higher module selling prices as regulations tightened on shipments routed through Southeast Asia. The chemicals business reported revenue of 1.3401 trillion won and operating profit of 34.1 billion won. Revenue increased 24.8% from a year earlier, and the unit returned to the black for the first time in about 2 1/2 years, since the third quarter of 2023. The company said external factors, including supply-and-demand shifts and price increases tied to issues in the Middle East, played a role, but structural improvements drove the turnaround. It cited exiting unprofitable businesses, streamlining production lines, ongoing efficiency gains and a profitability-focused strategy. It said its overseas PVC business and W&C business also contributed through lower power costs and a higher share of high-margin products. The advanced materials business posted revenue of 285.6 billion won and operating profit of 12.2 billion won. Revenue rose 4.3% from a year earlier and operating profit turned positive. The company said its solar materials business benefited from improved cost structure and expanded U.S. sales, while its lightweight composite materials business saw revenue and profitability improve on higher export volumes and a weaker won. Park Seung-deok, head of Hanwha Solutions’ Qcells division, and Nam Jeong-woon, head of its chemicals division, said they expect results to improve steadily through year-end. They said profitability in renewable energy is expected to strengthen as the Cartersville plant’s cell line begins mass production in the third quarter. They added that the chemicals business will seek to secure key raw materials in advance despite concerns about global oversupply and will continue structural reforms to sustain profitability.* This article has been translated by AI. 2026-04-28 14:31:38
Kumho Petrochemical to Restore Migratory Bird Habitat in Yeosu Wetland Project Kumho Petrochemical Group said it is launching a habitat restoration project in Yeosu, South Jeolla Province, aimed at protecting biodiversity and supporting climate response efforts. The group said April 28 it will begin a project to improve habitat for endangered migratory birds. Five affiliates will participate: Kumho Petrochemical, Kumho P&B Chemicals, Kumho Mitsui Chemicals, Kumho Polychem and Kumho T&L. Working with Thanks Carbon, the group will invest a total of 260 million won over the next three years to create wetlands by flooding farmland near the Gasari Eco Park. The area will expand in phases, from about 1,200 pyeong in the first year to 2,400 pyeong in the second and 3,400 pyeong in the third. The Yeosu area, near the Suncheon Bay wetland, has served as a key stopover and wintering site for migratory birds. The group said industrialization and development have reduced farmland and worsened habitat conditions. Its plan is to restore winter habitat by creating flooded rice paddies on farmland during the off-season. Flooded paddies can support a range of species and are also known for storing carbon in soil, the group said. It plans to monitor bird numbers and environmental changes using unmanned sensor cameras and to develop management strategies based on the data. Local farmers will take part as operators. The group said nearby farms are supplying feed such as rice seed and sweet potatoes once a week during winter. In March, Kumho Petrochemical employees joined on-site activities, it said. Baek Jong-hoon, CEO of Kumho Petrochemical, said, “Preserving Yeosu’s ecological value and protecting biodiversity is a responsibility for a company that has grown with the local community.” He added, “We will continue sincere efforts to deepen our ESG management.” Separately, the company said employees raised 210 plants of the Jeju native species ‘pachoil-yeop,’ a Class II endangered wild plant, for nine months and planted them near their natural habitat at the Kumho Jeju Resort. 2026-04-28 14:15:18
Korean Power-Equipment Makers Pause in Q1, but Backlogs Hit Records on AI Data Center Demand AI data centers are driving a surge in electricity demand, and South Korea’s power-equipment makers posted strong year-over-year growth in the first quarter even as results cooled from the prior quarter. Industry officials said April 27 that Hyosung Heavy Industries, LS Electric, HD Hyundai Electric and Iljin Electric generally expanded sharply from a year earlier but saw some quarter-on-quarter easing. They cited a base effect from record fourth-quarter results and the seasonal first-quarter slowdown. Hyosung Heavy Industries reported first-quarter operating profit of 152.3 billion won, up 48.8% from a year earlier but down from the previous quarter as some revenue recognition was delayed during the off-season. The company secured about 4 trillion won in new orders for the quarter, and sales of ultra-high-voltage transformers are rising quickly, led by North America. Hyosung Heavy Industries’ share price recently topped 3 million won, and it traded above 4 million won intraday that day. The company has maintained that it is not reviewing a stock split. LS Electric posted first-quarter operating profit of 126.6 billion won, up 45% from a year earlier and a quarterly record, though slightly below 129.7 billion won in the prior quarter. With distribution-equipment orders for Amazon Web Services data centers being reflected in results, demand is spreading beyond ultra-high-voltage transformers into distribution. The company is also diversifying products from AC-focused equipment to DC power equipment. HD Hyundai Electric, which was set to report earnings April 28, was expected to show a similar pattern. FnGuide estimated first-quarter operating profit at about 270 billion won, up from a year earlier but slightly down from the previous quarter, reflecting the seasonal slowdown and some delayed revenue recognition for North American projects. Iljin Electric was also expected to extend its growth streak. First-quarter operating profit was forecast at about 50.8 billion won, up 49.2% from a year earlier, supported by expansion at its second plant in Hongseong, a higher share of higher-priced transformers for North America, and revenue recognition from long-term order backlogs. The four companies have already secured at least three years of work, with backlogs at record levels. Hyosung Heavy Industries’ heavy-industry division had an order backlog of about 15 trillion won. LS Electric’s backlog stood at 5.6425 trillion won at the end of the first quarter, up 13% from the prior quarter. HD Hyundai Electric had about 9.4 trillion won, and Iljin Electric about 2.39 trillion won. “The quarter-on-quarter decline in sales largely reflects the seasonal first-quarter slowdown and the fact that recently won orders have not yet been recognized as revenue,” an industry official said. “The boom in power equipment is expected to continue for the next four to five years, and backlogs are sufficient.”* This article has been translated by AI. 2026-04-27 18:15:49
HD Construction Equipment Q1 2026 Operating Profit Jumps 88.3% to 190.7 Billion Won HD Construction Equipment said in a regulatory filing on the 27th that it posted first-quarter 2026 revenue of 2.3049 trillion won and operating profit of 190.7 billion won. Revenue rose 22.1% from a year earlier and operating profit climbed 88.3%. The company attributed the revenue gain to a broad recovery in global demand for construction equipment and faster growth in industrial and defense engine sales. Operating profit also increased sharply as profitability improved in the construction equipment business and the engine unit delivered steady earnings. The results come after HD Hyundai Construction Equipment and HD Hyundai Infracore launched an integrated company on Jan. 1, with the firm saying “one-team” synergies have begun to show as the market rebounds. HD Construction Equipment said its eight-region sales structure helped it respond quickly in the market with the Hyundai and Develon brands. It also cited companywide coordination across production, sales, purchasing and research and development to strengthen cost competitiveness. The company said integrated assembly and delivery centers in Europe and North America cut delivery times by 30% and reduced costs by 20%, while its China manufacturing base was consolidated from a dual Jiangsu-Yantai setup into Yantai to improve efficiency. By business, construction equipment revenue rose 26.9% to 1.9275 trillion won. Operating profit was 148.6 billion won, for an operating margin of 7.7%. The engine business posted revenue of 336.1 billion won, up 10% on higher industrial engine sales and steady growth in defense engine revenue. Operating profit increased 8% to 47.3 billion won, and the operating margin was 14.1%. An HD Construction Equipment official said the company will continue to expand construction equipment sales while diversifying profit sources, including engines and the aftermarket business.* This article has been translated by AI. 2026-04-27 16:17:15