HD Hyundai Marine Solution Buys Goltens for $247.5 Million

HD Hyundai Marine Solution signed an agreement Oct. 8 to acquire marine engineering specialist Goltens for $247.5 million, taking full control of its global engine maintenance network.

The cash outlay equals 331.49 billion won, representing 40.19% of the buyer's equity capital and 26.05% of its total assets, according to a regulatory filing.

The purchase commits capital against an operating business that generated 202.53 billion won ($151 million) in combined revenue and 11.14 billion won in net profit during 2025.

HD Hyundai Marine Solution is purchasing 100% of US-based Goltens New York Corp., acquiring all 5,263.8 issued shares from three founding family investment holding vehicles.

The buyer is also acquiring 8,215 common shares in Norway-based Goltens Oslo AS, representing an immediate direct equity interest of 41.07%, the company said.

Existing cross-shareholdings between Goltens New York and Goltens Oslo deliver effective 100% operational and financial control over the Norwegian operating entity upon transaction completion.

Three private entities—Kasper Family Holdings LLC, Bayley Family Holdings LLC and Strand Family Holdings LLC—are selling their equity in equal shares, receiving $82.51 million each.

Each selling family vehicle receives 110.50 billion won under the agreed valuation, dividing the total transaction proceeds without deferred milestone payments or vendor financing notes.

HD Hyundai Marine Solution will settle the entire acquisition in cash, drawing down reserve funds accumulated from its May 2024 initial public offering on the Korea Exchange.

Samduk Accounting Corp. conducted an independent evaluation using discounted cash flow models, valuing the Goltens equity between $216.28 million and $261.06 million, the board filing showed.

The agreed purchase price of $247.53 million sits near the midpoint of that appraisal band, with auditors finding no grounds to deem the transaction value unreasonable.

Goltens traces its history to Brooklyn, New York, where Norwegian immigrant Sigurd Golten founded a specialized marine engine repair workshop in 1940 to serve transatlantic shipping.

The company now operates 28 repair hubs, 19 dedicated workshops and 31 operating legal entities across the Americas, Europe and Asia, employing roughly 1,300 technical specialists.

Goltens manages engine maintenance and afloat voyage repairs for approximately 5,500 commercial vessels, serving an active client roster of more than 2,300 shipowners and industrial operators.

The firm specializes in maintenance, repair and overhaul services for two-stroke and four-stroke diesel and dual-fuel engines installed on merchant vessels and stationary power plants.

Unlike shipyard-owned servicing units tied to specific licensors, Goltens maintains multi-brand authorization and technical capacity across machinery built by major global engine manufacturers without restriction.

That independent status allows field service engineers to dispatch globally at short notice, executing emergency in-situ crankshaft grinding and mechanical overhauls while ships remain at operational anchorages.

HD Hyundai Marine Solution said Goltens will preserve its established operational independence under current executive management led by Worldwide Chief Executive Officer Sandeep Seth.

Maintaining separate operational management preserves customer trust while giving HD Hyundai direct access to international workshop real estate and certified labor that takes decades to assemble.

The acquisition also creates a forward maintenance pipeline for HiMSEN four-stroke engines, a proprietary medium-speed machinery platform manufactured by sister company HD Hyundai Heavy Industries.

HD Hyundai Heavy Industries has expanded commercial marketing of HiMSEN machinery for land-based power plants, securing major overseas generation supply contracts during the second and third quarters.

Those power generation orders include a 627.1 billion won equipment agreement with Aperion Energy Group in April and a 956 billion won contract with Kovan Energy Group in August.

The Goltens workshop footprint gives the HD Hyundai group localized engineering hubs to service those stationary power units alongside commercial merchant fleet contracts, executives said.

Expanding aftermarket services provides steady cash flow to buffer the group against cyclical downturns in commercial shipbuilding orders, where newbuild vessel contracting swings unpredictably over decades.

The transaction agreement sets a target closing date of Feb. 28, 2027, subject to customary closing conditions and regulatory approvals from domestic and international competition authorities.

The regulatory disclosure does not specify the submission dates or review timetables for merger clearances across foreign competition jurisdictions outside South Korea.