STX Engine, a general engine maker with global competitiveness, announced that it had officially launched a service business in January 2017 by acquiring and merging the organizations of Parts, Services and International Logistics of 'STX Marine Service' including their human power into its existing business organization centered on the manufacture of engines for civilian demands as well as defense industrial demands.
STX Engine was launched as an enterprise specializing in engine manufacturing in 1976, and became the base for the growth of STX Business Group along with the booming economy in the shipbuilding sector at the beginning of 2000. The company achieved significant management results including receipt of the '800 Million Dollar Export Tower in 2008', etc. In addition, it has pursued the way to normalize its management to overcome the crisis and promoted to build a sustainable business structure while experiencing the collapse of the STX Business Group resulted from global financial crisis and economic depression as well as the court receivership of the Group's affiliated companies.
STX Engine plans to make its service business grow to be a specialized business sector for engine manufacturing in which the company is specialized, along with the supply of related parts and components, as well as services by combining its know-how on engine manufacturing accumulated over 40 years and 'STX Marine Service' and service experience through a global network. It aims to achieve more than 30% market share in the world market for engines.
Thus, by establishing a loop structure which begins with engine manufacturing along with part selling, provides lifetime service and then repeats these activities, STX Engine has built a base for the realization of customer satisfaction and business growth as well as profit creation and sustainable management.
In addition, the company plans to diversify its business into the manufacturing of marine engines on which it has concentrated its efforts, as well as industrial engines and their components for onshore and offshore plants. By developing new markets, the company plans to overcome the crisis and utilize it as an engine for future growth.