KT Corp, South Korea’s largest telecommunications company, announced it has signed a strategic cooperation and investment contracts with Hyundai Robotics, to speed up collaboration for digital transformation based on 5G, artificial intelligence (AI) and smart factory.
Under the contracts, KT will acquire a 10 percent equity stake in Hyundai Robotics, the leader in the Korean industrial robotics market, for 50 billion won, the company said in a press statement.
KT also signed a business cooperation agreement with Hyundai Heavy Industries Holdings for joint efforts toward digital transformation, it added.
The signing ceremony, held at the KT headquarters in central Seoul, was attended by KT President Ku Hyeonmo, Hyundai Heavy Industries Holdings Senior Executive Vice President (SEVP) Chung Kisun and Hyundai Robotics CEO Seo Yoo-seong, and other senior executives.
“In the post-COVID 19 era, KT is prepared to contribute to strengthening the Republic of Korea’s industrial competitiveness and the transformation of our nation’s manufacturing industry, taking advantage of our 5G and AI capability in cooperation with Hyundai Heavy Industries Group,” said KT President Ku. “Beginning with Hyundai Heavy Industries Group, we will do our utmost to expand digital transformation in diverse areas.”
As part of the partnership, KT will undertake software development and applications related to intelligent service robots and autonomous driving, while Hyundai Robotics will be responsible for hardware development and manufacturing.
For a smart factory, KT will provide communication technology, cloud, ICT solutions, and related bundle products, while Hyundai Robotics will supply robots and relevant solutions. The toolkits of both sides will also be applied jointly for smart hospitals and logistics.
“Beyond mere production, the competitiveness of manufacturers will be determined in the future by the ability of individual businesses to read market trends and transform themselves.” said Chung Kisun, Senior Executive Vice President (SEVP) of Hyundai Heavy Industries Holdings. “Through expansive business cooperation with KT, we believe that not only Hyundai Robotics but the entire Hyundai Heavy Industries Group will be able to achieve digital transformation and thereby improve our competitiveness as leading enterprises in the world.”
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