Hanjin Group looks to business acceleratorHanjin Group, the corporate parent of Korea Air Lines, announced Thursday it will be collaborating with the Silicon Valley Plug and Play start-up incubator to expand its business opportunities in the travel and hospitality business.
Plug and Play is a global business incubator that helps new start-ups and global corporations to come together for collaboration. It has a history of matching up new businesses in search of funding with global companies and airlines.
Hanjin Group has the country’s national carrier Korean Air Lines and budget carrier Jin Air. Hanjin KAL, Hanjin Group’s holding company, said the partnership will allow the conglomerate to find sustainable future business opportunities to bring innovation to its existing business divisions as it adjusts to a changing market.
The airline conglomerate has been aggressively changing its business since the group came under the leadership of Hanjin Group Chairman Cho Won-tae. Cho said in November that he will narrow the group’s focus to the air transportation business and remove any affiliate outside the industry.
Earlier this month, Hanjin KAL vowed to downsize its hotel and leisure business to streamline operations and improve finances. Its directors agreed to reorganize money-losing hotel and leisure assets while selling low-profit, non-core businesses.
BY KO JUN-TAE [firstname.lastname@example.org]