KT to buy stake in Hyundai Heavy's robotics unit

KT Corp., a major South Korean telecommunications firm, on Tuesday said it will acquire a 10 percent stake in a robotics unit of shipbuilding giant Hyundai Heavy Industries Group to enhance its competitiveness in smart factory and robot solutions.

KT said it will acquire the stake in Hyundai Robotics Co., the largest industrial robot manufacturer here, for 50 billion won ($41.4 million).

Hyundai Robotics is a wholly owned subsidiary of Hyundai Heavy Industries Holdings Co., the holding company of South Korea's top shipbuilding conglomerate.

With the investment, KT will boost cooperation with Hyundai Robotics in the smart factory and robot businesses.

KT also signed a partnership with Hyundai Heavy Industries on various smart solutions.

KT said it will focus on software development using its 5G network, artificial intelligence (AI) and big data solutions, while Hyundai Robotics will be responsible for developing the body of a robot. Together, they plan to make service bots, in addition to industrial robots.

For the smart factory sector, KT agreed to provide its latest telecommunications and security solutions, while Hyundai Robotics will supply its robot-related technologies to develop a better smart factory platform. (Yonhap)