Hanwha Chemical to Split Operations

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Hanwha Chemical to Split Operations

Hanwha Chemical Corpoation is going to embark on a major partitioning of its business operations. Hanwha plans to separate the production of raw materials including oil exploration from its processing and refining sector and effectively run each as a separate company.
Hanwha held a board of directors meeting on May 3, and then announced the decision in which the split will be in effect from July 1.
The new production sector will be named Hanwha Petrochemical Corporation, while the processing sector will maintain the name of Hanwha Chemical Corporation.
Business partitioning is one of many methods that the government introduced last December to promote company restructuring, when it revised commercial laws.
Hanwha's split will be the first such case since the government allowed the partition system.
An official from Hanwha Chemical Corporation said that the corporation decided to partition operations because the unified operation of production and processing has too much inefficieny.
Jangsoo Seo:jsbee@joongang.co.kr
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