Hanwha Group Chmn. Kim Stresses ‘Continuous Innovation’ on Occasion of 70th Anniversary
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Hanwha Group Chmn. Kim Stresses ‘Continuous Innovation’ on Occasion of 70th Anniversary
Group is reshaping itself into an international integrated defense company

29(Sat), Oct, 2022

A nocturnal sky of Seoul is embroidered with fireworks at the 2022 Seoul International Fireworks Festival, hosted by Hanwha for the first time in three years due to the spread of the COVID pandemic on Oct. 8.

Chairman Kim Seung-youn of Hanwha Group. (Photos: Hanwha Group)

Hanwha Business Group marked the 70th anniversary of its founding on Oct. 9. Hanwha Group Chairman Kim Seung-youn delivered a commemorative speech via the group’s in-house public address system on Oct. 11. 

Each subsidiary of the group held a separate anniversary event and presented awards to long-term employees.

“We have to always renew ourselves, warning of what Hanwha was yesterday, and Hanwha is looking for a future of 100 years or more,” Chairman Kim said. 

He stressed Hanwha’s sustainable innovation as a new paradigm to break down the success equation.

 In his speech, Chairman Kim said, “Hanwha’s 70 years is a history of expanding Korea’s industrial landscape through endless challenge and pioneer.”

Hanwha Group led the reconstruction following the end of the Korean War by successfully localizing gunpowder under its management tenet of doing business to contribute to national development since its establishment in 1952. 

The group has also contributed to modernizing the nation by expanding its business portfolio to key industries, such as machinery, petrochemicals and energy. 

Of late, Hanwha has contributed to the national interest by expanding exports in the national defense industry, on top of entering the aerospace industry. 

Chairman Kim suggested a blueprint to guide Hanwha for the next century: a company promising a sustainable future, challenging and growing together. 

Hanwha Group is pursuing changes for a sustainable future in all business areas. 

Since the business group inaugurated an ESG committee in May 2021, major subsidiaries have built full-fledged institutional foundations to implement ESG management by setting up their respective ESG committee, publishing sustainability reports and completing the establishment of governance chapters. 

Chairman Kim said Hanwha’s spirit, based on credibility and faithfulness, has enabled the group to grow. He evaluated that Hanwha executive and staff dedication to complying with Hanwha’s spirit and evolving it has created what Hanwha is today. 

Hanwha Aerospace 

Hanwha is reshaping itself into an integrated defense company for the army, navy and air forces as the group has joined a competition to acquire the shipbuilder DSME. 

In particular, Hanwha Aerospace, acquired through a big deal with Samsung Group in 2014, is looking forward to grow into a global aerospace company. 

Hanwha Aerospace was responsible for producing a core engine of the Nuri, Korean Space Launch Vehicle II. 

The company was also selected recently as a preferred negotiator for a project to upgrade the Nuri by Korea Aerospace Research Institute (KARI), outbidding Korea Aerospace Industries (KAI). 

The project is designed to cultivate and support a civilian integrated company through the repeated launch of the Nuri and technology transfers. 

If Hanwha Aerospace is finalized as a comprehensive company by KARI, the company will carry out the mission of producing the 3rd Nuri and launching it for the fourth consecutive time.

Hanwha Group is scrambling to take over DSME. If the group acquires DSME, Hanwha is poised to have synergetic effects in the defense industry and eco-friendly energy sector. 

Hanwha is producing and exporting Army weapon systems, and if it has synergetic effects with DSME capable of producing world-class submarines and ships, the business group is predicted to grow into a global defense company. 

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