Goltens, the Dubai-headquartered marine engineering and repair firm has announced that it has entered into an agreement with HD Hyundai Marine Solution (HMS) enabling the South Korean conglomerate to take over the company in its entirety.
The South Korean giant is paying $247m to acquire all of Goltens’ shares and the transaction is likely to complete in the balance of this year or the first quarter of 2027.The company, set up by Sigurd Golten in New York in 1940, has established a fine track record in ship repair and conversion and, in recent years, a series of successful engine retrofits, upgrades and turbine overhauls. The company offers afloat repair services and environmental and sustainability compliance strategies from 20 locations in 15 countries.In a statement, Goltens said that the takeover represents an important step in its long-term corporate development through the combination of its own marine engineering and service capabilities with the strengths of the South Korean group
The company will continue to operate as an independent service provider whilst also providing efficient services to HMS’s growing aftermarket customer base. The acquisition is likely to significantly enhance the services provided worldwide both for vessels and the large portfolio of engines built by HD Hyundai.
The combined entity will be well-positioned to help customers tackle increasingly complex maintenance, efficiency and decarbonisation-driven requirements across the marine, energy and industrial sectors, the companies said.Goltens Worldwide CEO, Sandeep Seth, commented: “This agreement creates an exciting opportunity to build on the strengths of Goltens and broaden what we can deliver for our customers. Our independence and the trust our customers place in us are central to our business. We will continue to serve them with the same responsiveness, technical expertise, and commitment they have always expected from Goltens. With HMS, we see considerable scope to invest, grow and develop capabilities that will create lasting value for our customers.During the takeover phase, customers will be able to rely on existing contacts and the company’s established network for projects in progress, planned maintenance, and urgent support