 |
[Apha Biz=(Chicago) Reporter Paul Lee] Former CEO, who gained experience at Ford and Visteon, has been associated with Hanon Systems since the late 2000s.
Hahn & Company, a private equity fund (PEF) manager and the largest shareholder of Hanon System, is also agonizing. Hahn & Company, which acquired the company in 2015, has been seeking to sell its management rights for two years, but both internal and external environments are difficult, as the market capitalization of the Hanon system has been cut in half.
According to the industry on the 3rd, Sung Min-seok, former CEO of Hanon Systems, moved to SK ON's chief commercial offier (CCO). Hanon System announced on the 31st of last month that CEO Sung Min-seok offered to resign. Hanon Systems decided to appoint Chief Financial Officer (CFO) Nagasubramani Ramachandran as its new Chief Executive Officer (CEO) at its regular board meeting scheduled for the 10th.
As Hahn & Company completed its acquisition of Hanon System in June 2015, CCO Sung was on a roll even after the largest shareholder changed. He served as head of financial planning in 2015, vice president of Hanon Systems in 2017, chief operating officer (COO) in 2018, and chief executive officer (CEO) in 2021.
Hanon System, which CEO left, is currently facing the sale of management rights. Hahn & Company took over Hanon System management rights by investing 2.75 trillion won in 2015. As of the end of last year, it holds a 50.5% stake in Hanon System. Hankook Tire & Technology (161390), the second-largest shareholder, also owns a 19.49% stake in the company, and the actual stake in the sale is expected to be 70%. Hahn & Company has selected Morgan Stanley and Evercore as advisors in 2021 and continues to contact buyers.
Hanon System is building its fourth plant in Tennessee, USA, spurring the US market. Hanon System will invest 170 million dollars (about 219 billion won) in Huntington Park, Laudon, Tennessee to establish an electric vehicle heat management equipment production plant. Hanon Systems is currently operating its plant in Ohio and Alabama, and is seeking to establish its fourth plant following the construction of its third plant in Georgia in May this year.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
