[Alpha Biz=(Chicago) Reporter Kim Jisun] On the 7th, Hanwha Group Vice Chairman Kim Dong-kwan announced the revival of Hanwha Ocean, a 40-year-old prestigious ship. It is the first time to go to the exhibition with a sign called Hanwha Ocean. Kim announced his determination to launch Hanwha Ocean at the International Maritime Defense Industry Exhibition (MADEX) in Busan.

He stopped by Busan immediately after finishing a meeting of executives and employees at Geoje Shipyard in Gyeongnam. During an earlier visit to the shipyard, he asked executives and employees to "establish a solid competitive edge in the global market by carrying out proper management." "The defense industry is not important for maximizing profits like ordinary companies, but it is responsible for national security," Vice Chairman Kim told reporters. "We will focus on expanding the history of Korean defense in the world."

He declined to comment on the possibility of additional M&As, such as the acquisition of the Korea Aerospace Industries (KAI) and HMM. "There is no specific M&A case right now, and we are focusing on normalizing Hanwha Ocean," Vice Chairman Kim stressed. "There is no artificial restructuring," he said. "We are in the process of hiring additional employees because many executives and employees have left the company."

KAI, who also participated in the exhibition, also drew a line, saying rumors of the acquisition were not realistic. Kang Gu-young, president of KAI, met with Maeil Business and said, "There are many variables in the sale or acquisition, so it will not be easy for Hanwha." 

 

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