HD Hyundai expands its global marine services footprint with Goltens acquisition
South Korean conglomerate HD Hyundai is to bolster its standing in the global marine engineering and maintenance market through the purchase of one of the world’s largest privately-owned shiprepair companies, Goltens Worldwide.
Dubai-based Goltens has signed an agreement with South Korean group HD Hyundai Marine Solution (HMS) to transfer the ownership of the company to the South Korean group. The deal is worth $247 million and includes all outstanding shares of Goltens. The completion is expected by end of 2026 or first quarter of 2027.
Founded in New York in 1940 by Sigurd Golten, Goltens has grown to be a leading name in ship repair, vessel conversions and marine engineering. In recent years, it has expanded its expertise to include engine retrofits, equipment upgrades and turbine overhauls.
Also, the company offers repair services to vessels in operation and provides solutions for environmental compliance and sustainability. Its international network provides support for customers in various maritime markets with 20 locations in 15 countries.
Combining engineering expertise and aftermarket capabilities
The deal was an important step in its long-term corporate development strategy, Goltens said. The acquisition will combine its marine engineering and service capabilities with the wider resources and technical expertise of HD Hyundai.
Goltens will continue to operate as an independent service provider after the change of ownership. It will also support HMS’s growing aftermarket customer base, creating opportunities to expand service coverage for vessels and the wide portfolio of engines made by HD Hyundai.
The companies anticipate the combination will enhance their ability to serve customers around the world, particularly as shipowners and operators confront more demanding maintenance needs, pressure to boost operational efficiency and the need to meet decarbonization targets.
The benefits are also expected to extend beyond shipping into the energy and industrial sectors, where complex equipment maintenance and performance optimization is becoming increasingly important.
Goltens CEO on continuity and future growth
Sandeep Seth, chief executive of Goltens Worldwide, said the deal gives it a chance to build on existing strengths and add to the services it can provide to customers.
“The independence of Goltens and the trust our customers have in the business are core to our operations,” he said. After the transaction, the company said it plans to maintain its existing standards of responsiveness, technical expertise and customer commitment.
Seth also mentioned the opportunity the HMS partnership provided for further investment and capability building, saying the combo had the potential to generate long-term value for customers.
Customer support to continue during the transition
Throughout the acquisition process, Goltens customers will continue to work through their existing contacts and the company’s established service network. Support will remain available for ongoing projects, scheduled maintenance programmes and urgent repair requirements.
The companies’ stated objective is to preserve service continuity while positioning the combined business to respond to the evolving technical and environmental demands of the global marine industry.
