HYUNDAI, WALLENIUS WILHELMSEN SIGN NO-COMPETE AGREEMENT
Hyundai Merchant Marine has signed a no-compete agreement covering the roll-on/roll-off worldwide market with Wallenius Wilhelmsen Lines AS and its owners — Walleniusrederierna AB and Wilh. Wilhelmsen ASA.
The “Ro Ro Ancillary Agreement,” filed with the U.S. Federal Maritime Commission, follows an agreement by Hyundai to sell its ro/ro shipping arm to RoRo Korea Inc., a company controlled by Wallenius and Wilhelmsen.
Under the agreement, Hyundai Merchant Marine also agrees not to reveal trade secrets to third parties for five years, use trade secrets to cause harm to the ro/ro industry for three years, or offer employment to employees in the ro/ro industry for one year.
The no-compete agreement is an ancillary agreement to RoRo Korea’s purchase of Hyundai Merchant Marine’s ro/ro assets.