View of Hanwha Group headquarters. (Photo = Yonhap news data photo)

 

[Alpha Biz= Reporter Kim Jisun] Hanwha Group announced on the 3rd that it will reorganize its business structure to hand over some of Hanwha's businesses to Hanwha Ocean and Hanwha Solution and physically divide the secondary battery equipment sector.

First of all, Hanwha Ocean has decided to take over the offshore wind power business in Hanwha construction and the plant business in the global sector.

Hanwha Solution will be in charge of Hanwha's solar energy equipment business. Hanwha Solution is now able to respond more actively to the development of equipment related to next-generation solar technology.

The Hanhwa momentum division will have a physical division. Hanwha Group plans to establish Hanwha Momentum, a 100% subsidiary of Hanwha, to specialize in secondary battery equipment business.

Hanwha Momentum, which will be divided into 100% subsidiaries, plans not to be listed for at least the next five years to protect shareholder value.

Hanwha plans to complete the project transfer and Split-off in early July after an extraordinary shareholders' meeting next month.

The reorganization is expected to further strengthen the business area of Vice Chairman Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seung-yeon. Both offshore wind power and solar power are vice chairman Kim's business areas.

 

 

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