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Hanwha Group

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Hanwha Group
FormerlyKorea Explosives Group
Company typePublic
IndustryConglomerate
FoundedOctober 1952; 72 years ago (1952-10)
FounderKim Chong-hee
Headquarters
Seoul
,
South Korea
Area served
Global
Key people
Kim Seung-youn
(Chairman)
Number of employees
43,690 (2020)
Websitewww.hanwha.com (English)
Hanwha Group
Hangul
Hanja
韓火그룹
Revised RomanizationHanhwa Geurup
McCune–ReischauerHanhwa Kŭrup

Hanwha Group (Korean: 한화그룹) is a large business conglomerate (chaebol) in South Korea.[1] Founded in 1952 as Korea Explosives Co. (한국화약주식회사; 韓國火藥株式會社), the group has grown into a large multi-profile business conglomerate, with diversified holdings stretching from explosives—their original business—to energy, materials, aerospace, mechatronics, finance, retail, and lifestyle services. In 1992, the company adopted its abbreviation as its new name: "Hanwha".

History

1952–1999

Kim Chong-hee founded Korea Explosives Co. in October 1952. Prior to founding the company, Kim worked as a gunpowder engineer for the 'Chosun Explosives Factory', a Japanese company. Later, he won the bid for the company and its Incheon factory and started the company there.[2][3]

From 1952–1963, the Korea Explosives Co. produced industrial explosives domestically, which was needed for construction and engineering of infrastructure. In the same time period, the Korea Explosives Co. started producing nitroglycerin, which gave it a monopoly in the field of explosives and gunpowder.[2] In 1959, the Hanwha group started producing domestic dynamite.[3]

From 1964–1980 the Hanwha group started to make investments in various fields, starting the foundation of it becoming a chaebol. Later in the mid 1960s, Korea Hwasung industrial Co. was founded (now Hanwha Solutions), and entered the petrochemical market. Hanwha increased its competitiveness in the machinery market by acquiring Shinhan Bearing Industrial.[2] Hanwha founded Kyung-in Energy in 1969, and the Hankook Precision Tools (now Hanwha Corporation/Momentum) followed suit, being founded in 1971.[2]

From 1981 to 1995, Kim Seung-youn became the second chairman of the company, and more investments in diverse markets were initiated. It expanded further into the chemical industry by acquiring both Hanyang Chemicals (now also Hanwha Solutions) and Dow Chemicals Korea in 1982, expanded into the resorts industry by acquiring the Junga group (now Hanwha Hotels & Resorts) in 1985, and expanded into the leisure and distribution industry by acquiring Hanyang Stores (now Hanwha Galleria) in 1986.[2] In the 1990s, the Hanwha Group founded Hanwha BASF Urethane, Hanwha NSK Precision, Hanwha GKN, Hanwha Machinery Hub Eye Bearings, SKF Hanwha Auto Parts, and Hanwha Motors. In 1992, the Korea Explosives Co. changed its name to Hanwha, and Binggrae was separated and made independent from the company.[2]

2000–Present

In 2002, Hanwha expanded into the life insurance industry by acquiring Korea Life Insurance. From 2007–present, Hanwha is undergoing global expansion. Hanwha acquired Azdel, an American company in 2007 and created a PVC plant in Ningbo, Zhejiang, China in 2011.[2] Hanwha Q CELLS was launched in 2012. In 2014, Hanwha acquired Samsung Techwin, Samsung Thales, and Samsung Total.[2] Since 2019, Hanwha is operating the largest solar module plant (1.7 GW) in the United States; It is located in Dalton, Georgia.[4] As of 2019, Hanwha has a total of 466 affiliates, 84 being domestic and 382 overseas.[2] Hanwha completed its take over of Daewoo Shipbuilding & Marine Engineering (DSME), renaming it Hanwha Ocean in 2023.[5]

Controversy

In 2011, Kim Seung-yeon, the current chairman of the Hanwha Group, was fined 5.1 billion KRW and was jailed for 4 years on charges of embezzlement and breach of trust.[6][1]

Key networks

Business areas

Energy & Materials

Solar Energy

In a meeting held on May 21, 2022, Kim Dong-kwan, the president of Hanwha Solutions, laid down a plan to spend 36.7 trillion KRW on its energy and aerospace sectors.[7] He said he wanted to commit the company to solar energy to reduce its carbon footprint and supply high quality energy. Additionally, he announced plans to build another modular factory in the United States.[4] In order to tackle the problem of stagnating bee populations, Hanwha has created a solar beehive, that helps to protect and maintain a stable bee population.[8] Hanwha QCELLS has launched a new brand that ventures into the electric vehicle charging market called Hanwha Motiev in 2022.[9]

Wind Energy

Hanwha operates in the onshore and offshore wind power generation sectors, with a focus on Europe through its subsidiary Q Energy, as well as the domestic market.[10]

Hydrogen

Hanwha develops a hydrogen value chain, which includes production, utilization, and storage solutions, utilizing renewable energy sources. Hanwha acquired Thomassen Energy/PSM in July 2021, which enables retrofitting of gas turbines for hydrogen use.[11]

Materials

Hanwha Solutions produces basic petrochemical products, such as PVC (Polyvinyl Chloride), LLDPE (Linear Low-Density Polyethylene), CA (Caustic Soda), ASR(Alkali Water Soluble Resin), and TDI(Toluene Diisocyanate), as well as working on eco-friendly technologies including low-impact plasticizers[12]

Aerospace

Space

Hanwha is also extensively investing in the space market, and jointly established "Space Research Center" with KAIST. Hanwha Aerospace contributes to South Korea's space industry, including satellite observation services and the development of the Nuri space launch vehicle. Hanwha took an 8.8% stake in British company OneWeb, a satellite communication service provider as of 2022.[13]

Aircraft Engine

Hanwha Aerospace is South Korea's sole aircraft engine producer, partnering with global aviation engine companies for component manufacturing.[14]

Urban Air Mobility (UAM)

Hanwha Systems collaborates with Overair, a U.S. eVTOL startup, to develop the ‘Butterfly’ personal air vehicle.[15]

Vision Solutions

Hanwha Vision delivers video surveillance solutions with a focus on optics design, image processing, and AI-based platforms to improve service offerings.[16]

Finance

Hanwha operates in the financial industry, providing insurance, securities, and asset-management services, and investing in technology-based financial solutions.[citation needed]

Retail & Services

Hanwha engages in retail & services such as department stores, hotels, and resorts, as well as developing large-scale complexes.[citation needed]

Affiliates

Aerospace·Defence·Maritime

Energy

Finance

Distribution·Hospitality Service

Awards

Sports teams

See also

Notes

References

  1. ^ a b "South Korea's Hanwha chief jailed for 4 years". Reuters. 2012-08-16. Retrieved 2020-06-18.
  2. ^ a b c d e f g h i "한화그룹". terms.naver.com (in Korean). Retrieved 2022-05-23.
  3. ^ a b c d e f g "Hanwha Corporation". www.hanwhacorp.co.kr. Retrieved 2022-05-23.
  4. ^ a b "'김승연 대신' 장남 김동관 한화솔루션 사장, 태양광 투자 강조". 디지털타임스 (in Korean). 22 May 2022. Retrieved 2022-05-24.
  5. ^ "Hanwha Completes Purchase of DSME". MarineLink. 2023-05-24. Retrieved 2023-07-03.
  6. ^ "Hanwha boss indicted for embezzlement". koreatimes. 2011-01-30. Retrieved 2022-05-24.
  7. ^ Da-sol, Kim (2022-05-24). "Hanwha Group to spend W37.6tr to nurture energy, aerospace sectors". The Korea Herald. Retrieved 2022-05-24.
  8. ^ NEWSIS (2022-05-19). "한화그룹, 태양광 전력 활용 탄소저감벌집 국내 최초 공개". newsis (in Korean). Retrieved 2022-05-24.
  9. ^ Reporter, Park Sae-jin (2022-05-13). "Hanwha Q CELLS launches new brand to make foray into EV charging service market". www.ajudaily.com. Retrieved 2022-05-24.
  10. ^ Campbell, Neil. "Korea's Hanwha sets up Q Energy division to target European renewables growth". www.windpowermonthly.com. Retrieved 2023-04-06.
  11. ^ "Hydrogen combustion retrofits for the existing gas turbine fleet - Modern Power Systems". www.modernpowersystems.com. Retrieved 2023-04-06.
  12. ^ Byung-wook, Kim (2021-01-25). "Hanwha Solutions triples production of safe plastic material". The Korea Herald. Retrieved 2023-04-06.
  13. ^ "한화그룹, 우주산업·그린에너지 분야 집중 육성…세계 첫 차세대 태양광 모듈 양산 추진". hankyung.com (in Korean). 2022-05-03. Retrieved 2022-05-24.
  14. ^ "Samsung Techwin's plane engine part business prospering - Pulse by Maeil Business News Korea". pulsenews.co.kr (in Korean). Retrieved 2023-04-06.
  15. ^ Bellan, Rebecca (2022-06-14). "Overair nabs $145M to produce eVTOL prototype by 2023". TechCrunch. Retrieved 2023-04-06.
  16. ^ "Hanwha Vision". Hanwha.com. Retrieved 2023-04-06.
  17. ^ "그룹사 현황" [Status of group companies]. Hanwha Group (in Korean).
  18. ^ "한화오션 출항…상선·플랜트·방산 주력" [Hanwha Ocean established...Merchant ships, plants, and defense forces] (in Korean). KBS News. 23 May 2023.
  19. ^ "Hanwha Eagles". Archived from the original on 9 May 2019. Retrieved 19 June 2019.
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