Korea major shipbuilding companies joined with the domestic electronics companies to set up a business-to-business (B2B) joint venture. The B2B firm will be established jointly by the five leading shipyards including Hyundai Heavy Industries, Daewoo Heavy Industries, and Samsung Heavy Industries, and as many as seven electronics companies such as Hyundai Electronics, Appeal Telecom, Daewoo Electronics, KEC, and others.
The parties have signed a memorandum of understanding on June 16 regarding the launch of e-marketplace specialized in shipping and electronics. Thanks to their cooperative move, the participating companies are expected to enjoy as much as 20 percent cut in logistics costs through the B2B trade, market watchers said.
The joint venture will be established in September and begin trial services in November, they added.