HD Hyundai said on Feb. 5 that it will make early payments of 580 billion won in materials costs to partner companies ahead of Lunar New Year.
By company, the shipbuilding institutional sector (HD Hyundai Heavy Industries, HD Hyundai Samho) will pay 344 billion won in advance, and the construction equipment institutional sector (HD Hyundai XiteSolution, HD Construction Equipment) will pay 108 billion won.
HD Hyundai Electric (83 billion won), HD Hyndai Marine Solution (20 billion won), HD Hyundai Marine Engine (19 billion won), and HD Hyundai Robotics (5 billion won) will also make early payments for materials.
HD Hyundai moved up the payment schedule for materials costs, which used to be paid after the holiday, by up to nearly three weeks.
HD Hyundai said the move is aimed at helping partner companies secure liquidity as demand for funds increases ahead of the holiday due to travel allowances and bonus payments.
An HD Hyundai official said, "We hope this early payment will help create a stable business environment and secure liquidity."