Hanwha Aerospace to focus on defense business after reassigning affiliates

Industry

Published: 05 Apr. 2024, 15:44 Updated: 05 Apr. 2024, 19:44

Hanwha Aerospace to focus on defense business after reassigning affiliates

Hanwha Group's headquarters in Jung District, central Seoul [HANWHA GROUP]

Hanwha Aerospace, a Korean defense company, said Friday it would offload two affiliates by September to prioritize its defense and aviation businesses.

A new company, Hanwha Industrial Solutions, will be established, integrating Hanwha Vision, an AI solutions firm, and Hanwha Precision Machinery, a semiconductor equipment maker, according to the company.

"Through the business reorganization, the company (Hanwha Aerospace) aims to become a comprehensive defense solutions provider in global markets with a business portfolio that covers land, ocean and aerospace fields," the statement said.

After offloading the businesses, Hanwha Aerospace will have defense solutions provider Hanwha Systems and shipbuilder Hanwha Ocean as affiliates, while Hanwha Precision Machinery and Hanwha Vision will be wholly owned by the new company.

Hanwha Corp., the de facto holding company of chemical-to-defense conglomerate Hanwha Group, will have a 33.95 percent stake in both Hanwha Aerospace and the new company.