HD Hyundai Marine Solution Seals $247.5m Goltens Acquisition to Expand Global Ship Repair Reach

Summary

HD Hyundai Marine Solution has agreed to acquire Goltens Worldwide, one of the world’s best-known independent marine engineering and repair firms, for about $247.5 million. The deal gives the South Korean group 28 repair locations and multi-brand engine expertise, strengthening its aftermarket business for ships and land-based power plants.

Article

Seoul: HD Hyundai Marine Solution (HMS) has signed an agreement to buy 100% of Goltens Worldwide for about $247.5 million, the companies announced on Thursday, October 8, 2026. The Goltens acquisition marks a major step by the South Korean shipbuilding group into the global independent ship repair market.

In a regulatory filing, HMS put the deal value at around ₩331.5 billion. The transaction is expected to close in late Q4 2026 or early Q1 2027.

Who is Goltens?

Founded in New York in 1940 by Sigurd Golten, Goltens specialises in maintenance, repair and overhaul of 2-stroke and 4-stroke engines used in ships and land-based power plants, across a broad range of manufacturers. Its services also include afloat repairs, retrofits, engine upgrades and specialist engineering.

The company operates 28 repair locations in 15 countries and 19 workshops, with about 1,300 specialists. According to HD Hyundai’s disclosure, it serves more than 2,300 customers and around 5,500 vessels. Goltens says it works with over 3,000 shipowners, shipyards, industrial plants and power stations each year, and describes itself as the only independent repair specialist offering all-inclusive worldwide service.

What will change for Goltens?

Goltens will continue to operate as an independent service provider under Chief Executive Sandeep Seth, retaining its existing management, service approach and customer relationships. Seth said the agreement “creates an exciting opportunity to build on the strengths of Goltens,” adding that independence and customer trust remain central to the business. Until completion, the company will continue business as usual.

The companies said the deal opens room for investment in people, facilities and technology, along with expanded technical capabilities and wider global coverage.

Why does HD Hyundai want Goltens?

For HMS, the acquisition provides overseas repair bases, skilled engineers and the ability to service engines from multiple manufacturers. Goltens’ global network is expected to help HMS support its growing aftermarket customer base, including the large fleet of vessels and engines built by HD Hyundai, with faster repair, maintenance and retrofit services closer to customers.

The deal also supports HD Hyundai’s land-based power ambitions. The group plans to combine Goltens’ local networks and engine service capabilities with its HiMSEN engine-based power generation business. HD Hyundai Heavy Industries signed power plant equipment supply contracts worth ₩627.1 billion and ₩956 billion in April and August this year.

An HMS official described the acquisition as a strategic move to maximise synergies between the two companies, adding that HMS will respect Goltens’ operating philosophy while seeking new opportunities in global markets.

What is HD Hyundai Marine Solution?

HMS was established in 2016 as the group’s dedicated marine aftermarket business. It initially focused on spare parts, technical support and maintenance for ships built by Hyundai yards, before expanding into engine servicing, environmental retrofits, digital ship management systems and bunkering.

The company listed on the KOSPI in May 2024 through a ₩742 billion IPO, then South Korea’s largest in more than two years. HMS reported record revenue of ₩1.98 trillion in 2025 and has guided for ₩2.33 trillion in 2026.

Why does it matter for the industry?

The acquisition reflects a broader push by shipbuilders to capture recurring revenue across a vessel’s entire life, not just at construction. With tighter decarbonisation rules driving demand for retrofits, engine upgrades and efficiency improvements, aftermarket services are becoming a strategic growth area. By bringing a leading multi-brand repair specialist under its umbrella, HD Hyundai strengthens its ability to compete with engine makers and other service providers for long-term maintenance work worldwide.

FAQs

How much is HD Hyundai paying for Goltens?

HD Hyundai Marine Solution is paying about $247.5 million, or around ₩331.5 billion, for 100% of Goltens Worldwide.

When will the deal close?

The transaction is expected to complete in late Q4 2026 or early Q1 2027.

Will Goltens keep operating independently?

Yes. Goltens will continue as an independent service provider under CEO Sandeep Seth and its existing management.

How large is Goltens’ network?

Goltens operates 28 repair locations in 15 countries and 19 workshops, with about 1,300 specialists.

What does HD Hyundai Marine Solution do?

HMS is HD Hyundai’s marine aftermarket arm, providing spare parts, maintenance, engine servicing, retrofits, digital solutions and bunkering.