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Biz News Korea(Eng)
Hanwha Techwin to break up into aircraft engine, image security businesses
- Collected
- 2018.02.04
- Distributed
- 2018.02.05
- Source
- Go Direct
Hanwha Techwin said on Friday that its board approved the plan to spin off its image security business as its subsidiary. The remaining entity will be renamed as Hanwha Aerospace that will focus on aircraft engine development and manufacturing. The new subsidiary that will continue to use Hanwha Techwin as its company name will be in charge of image security business. The spin-off will be effective as of April 1.
The company has decided to break up its operations into the two separate entities after it has seen improvement in management efficiency in its defense, energy equipment, and industrial equipment subsidiaries, Hanwha Land Systems Co., Hanwha Precision Machinery Co., and Hanwha Power Systems Co. that were demerged from Hanwha Techwin in July.
The company also expects the upcoming spin off should further enhance global competitiveness in its aircraft engine and security businesses by allowing the two separate entities to promptly respond to the fast changing business environment and better focus more on each of the specializing businesses, said an unnamed official from Hanwha Techwin.
After the break up, Hanwha Aerospace will strive to become a global leader specializing in aircraft engine parts and modules, while the new subsidiary will dedicate itself to the development of image security business, according to the company.
When the spin-off is completed, Hanwha Aerospace will manage five subsidiaries including four existing entities and new entity security company Hanwha Techwin.
By Moon Ji-woong and Lee Eun-joo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]