STX Engine appoints new president

The new president identified “expanding the company’s client base, improving product competitiveness and improving financial stability” as the company’s immediate targets in his inaugural address on 28 March. Song Jong-geun was previously deputy president.

A Korean financial institution, Yonhap Asset Management (YUAMCO), acquired an 87% majority holding in STX Engine in 2018, and subsequently restructured the company’s existing debt.

In December, the company announced plans to invest in the development of a liquefied natural gas (LNG) duel-fuel engine to increase the sales of the marine engine division. The company is also planning to expand the company’s parts service business, as well as deepening its ties with the Korean defence market, to create a more “stable” business structure.

In September 2018, STX Engine also announced plans to establish a subsidiary in Tanzania in order to expand its presence in the Tanzanian market.