HD Hyundai to Pay KRW 376.2 Billion to Partner Companies Early Ahead of Chuseok

[Financial News] HD Hyundai will pay KRW 376.2 billion in material costs to partner companies early ahead of the Chuseok holiday.
HD Hyundai announced on the 17th that it would bring forward the payment dates for material costs by up to 12 days, depending on the company, to support its partners' smooth financial operations.
The payment amounts by affiliate are approximately KRW 139.4 billion for HD Hyundai Heavy Industries, KRW 86.5 billion for HD Hyundai Samho, KRW 71.1 billion for HD Hyundai Electric, KRW 38.8 billion for the refining division, including HD Hyundai Oilbank, KRW 26.6 billion for HD Hyundai Marine Engine, and KRW 13.8 billion for HD Hyundai Marine Solution.
HD Hyundai makes early payments for materials to partner companies every year ahead of the Lunar New Year and Chuseok holidays. The measure takes into account the increased financial needs of partner companies before the holidays, including expenses for returning home and bonus payments.
An HD Hyundai official said, "We are implementing various support policies to achieve mutual growth with our partner companies." The official added, "We hope this early payment will help create a stable business environment and secure liquidity."
Earlier, five HD Hyundai affiliates signed a "Joint Agreement for Win-Win Cooperation" with first-, second- and third-tier partner companies on the 10th and agreed to pay partner companies in cash or cash-equivalent methods.
HD Hyundai plans to strengthen the competitiveness of its partner companies through various forms of support, including finance, productivity, safety and technology, and expand the benefits of win-win cooperation throughout the entire supply chain.

[email protected] Jeong Won-il Reporter