Hanwha's cluster munitions business to be spun off
Hanwha Corporation is spinning off its cluster munition business from its defense business, the company said Thursday.
Hanwha has four divisions: defense, explosives, trade and machinery.
Tentatively called Korea Defense Industry, the new firm will develop and manufacture products like explosives and munitions.
The new company will be established by November. The unit has 59 billion won ($49.79 million) in assets and 57.49 billion won of liabilities.
Hanwha said it will adhere to Environmental, Social and Governance values in pursing long-term value. It promised to meet standards demanded by the international community.
BY JIN MIN-JI [firstname.lastname@example.org]