(Photo = Hanwha Aerospace)

 

[Alpha Biz= Reporter Paul Lee] Hanwha Aerospace plunged nearly 10% to establish an industrial solution business separation.

According to the Korea Exchange on the 5th, Hanwha Aerospace closed at 212,500 won, down 23,500 won (9.96%) from the previous trading day. This is in contrast to the 15.31% jump on the 2nd when the news of the personnel split was first reported.

Hanwha Aerospace made it official that it will establish Hanwha Industrial Solutions (tentative name), a new corporation in charge of industrial solution business through spin off. The split date is September 1st.

On this day, the Korea Exchange Securities Market Headquarters also received an application for a preliminary review of the re-listing of sovereignty for split listing.

The new corporation has Hanwha Vision and Hanwha Precision Machinery as 100% subsidiaries. After spin off, Hanwha owns 33.95% of Hanwha Aerospace and Hanwha Industrial Solutions (tentative name).

Hanwha Aerospace merged its defense affiliates by merging Hanwha Defense in November 2022 and Hanwha Defense in April 2023.

 

 

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