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Korea Herald
4 days ago
- Business
- Korea Herald
[Photo News] Shipbuilding tycoons at MADEX 2025
HD Hyundai Executive Vice Chairman Chung Ki-sun (third from right) takes a selfie with new employees of HD Hyundai Heavy Industries' special ship buisness unit at the International Maritime Defense Industry Exhibition -- MADEX -- 2025 in Busan on Wednesday. Chung presented the company's vision to build the best warships that back up the global maritime security during a reception ceremony with representatives from several countries. (HD Hyundai) Hanwha Group Vice Chairman Kim Dong-kwan (second from left) visits the exhibition booth of Hanwha's three affiliates -- Hanwha Ocean, Hanwha Aerospace and Hanwha Systems -- at MADEX 2025 on Wednesday. During a reception with global representatives, Kim highlighted the defense conglomerate's efforts to help the Korean economy, saying the company continues to embody the principles of doing business as a corporation to contribute to the state and humanity. (Hanwha Group)
Korea Herald
23-05-2025
- Business
- Korea Herald
Hanwha to showcase submarine, artillery systems at CANSEC 2025 in Canada
South Korea's Hanwha Group said Friday it will participate in CANSEC 2025, Canada's largest defense trade show, to showcase a comprehensive suite of advanced defense solutions aimed at strengthening Canada's sovereign capabilities. At the two-day exhibition to open in Ottawa on Wednesday, Hanwha plans to showcase its cutting-edge land and maritime systems, including the KSS-III submarine and the K9 self-propelled howitzer, as part of efforts to support Canada's defense modernization initiatives. As part of its bid for the Canadian Patrol Submarine Project, Hanwha Ocean has proposed the KSS-III submarine, equipped with both lithium-ion batteries and an air-independent propulsion system. The KSS-III can remain submerged for over three weeks and has an estimated range exceeding 7,000 nautical miles. If the contract is awarded in 2026, Hanwha aims to deliver the first batch of submarines by 2032 and the remainder by 2035. The company also plans to establish a local In-Service Support center in Canada, providing long-term maintenance and upgrades. Hanwha Aerospace will also highlight its K9 155-millimeter self-propelled howitzer, currently in service in 10 countries. The system, which offers a 40-kilometer range and a maximum firing rate of eight rounds per minute, is being proposed for Canada's Indirect Fires Modernization program. "Hanwha is deeply committed to Canada's defense, offering global-leading technology with local production and support," said Michael Coulter, chief executive officer of Hanwha Global Defence. "Our 'Made with Canada, For Canada' approach is designed to generate jobs, enhance defense readiness and reinforce long-term strategic cooperation between the two countries." (Yonhap)
Korea Herald
15-05-2025
- Business
- Korea Herald
Hanwha Hotels finalizes W870b acquisition of Ourhome
Hanwha Hotels & Resorts, the leisure arm of Hanwha Group, has finalized its acquisition of Ourhome, capping a seven-month push to integrate the catering firm and revamp the conglomerate's food and beverage portfolio. According to the company on Thursday, it has acquired a 58.62 percent stake in the food catering giant for 869.5 billion won ($622 million). Spearheading the acquisition was Kim Dong-seon, vice president of Hanwha Hotels & Resorts and youngest son of Hanwha Group Chairman Kim Seung-youn, who has led the effort since October. In February, the company established a special purpose entity, Woori Home F&B, to facilitate the transaction while securing antitrust approval from both domestic and international regulators last month. The company sees strategic upsides to the tie-up, despite its smaller scale compared to Ourhome. Hanwha Hotels & Resorts reported 750 billion won in revenue last year, while Ourhome generated 2.24 trillion won, topping the 2 trillion mark for the first time. Hanwha's decadeslong track record in leisure and food services, including nearly 30 years in the catering business, is expected to create strong synergy with Ourhome's expertise in food-related sectors, the company explained. At the group level, the deal lays the groundwork for a wave of cross-affiliate collaboration. For one, Hanwha Foodtech, a subsidiary of Hanwha Hotels & Resorts, is expected to deepen the company's capabilities in food technology, particularly in kitchen automation and smart logistics. As part of that effort, it acquired US-based robotic pizza company Stella Pizza last year. Kim has already made waves through Hanwha Galleria, where he also serves as vice president. In 2023, he brought American burger giant Five Guys to Korea. Hanwha Galleria's ice cream unit, Betterscoop Creamery, is also set to launch its new premium brand, Benson, later this month. 'With Ourhome, we aim to drive a major transformation not only in Korea but across the global food industry,' a company official said. 'Now part of the Hanwha family, Ourhome will collaborate with various affiliates to unlock new business opportunities.'
Yahoo
03-05-2025
- Business
- Yahoo
Top US figures visit Seoul to meet defense industry leaders
May 3 (UPI) -- South Korea's defense industry is gaining global interest, as demonstrated by high-profile visits from U.S. figures like Donald Trump Jr., who met with business leaders in Seoul Tuesday. Reportedly, among them was Hanwha Group Vice Chairman Kim Dong-kwan. Vice Chairman Kim also hosted US Navy Secretary John Phelan Wednesday at Hanwha's shipyard in Geoje, roughly 200miles southeast of Seoul. "Working with leading shipyards like Hanwha Ocean Shipbuilding and HD Hyundai Heavy Industries is essential to ensuring deployed U.S. ships and systems remain fully operational in the Indo-Pacific," Secretary Phelan said. "Leveraging the expertise of these highly capable shipyards enables timely maintenance and repairs for our vessels to operate at peak performance. This level of large-scale repair and maintenance capability strengthens our combat readiness, sustains forward deployed operational presence, and reinforces regional stability," he stated Observers point out that such visits reflect growing global recognition of South Korea's defense capabilities. Hanwha Group operates such subsidiaries as Hanwha Aerospace, known for the K9 self-propelled howitzers, and Hanwha Ocean, a manufacturer of warships and submarines. As the eldest son of Chairman Kim Seung-youn, Vice Chairman Kim is regarded as the heir apparent of South Korea's seventh-largest conglomerate. "For the United States, South Korea is indispensable to reviving its shipbuilding industry, as President Donald Trump has stressed," Seoul-based consultancy Leaders Index CEO Park Ju-gun told UPI. "Washington is likely to seek South Korea's capital and technology as the country is a global leader in naval vessel construction. Hanwha Ocean is well-positioned, having already invested in the U.S. last year," he said. In June 2024, Hanwha Ocean and its sister company channeled $100 million to acquire Philly Shipyard, which has delivered about half of the large U.S. Jones Act commercial ships since 2000. Hanwha Ocean was soon awarded a maintenance, repair, and overhaul (MRO) contract for the U.S. Navy's dry cargo and ammunition ship Wally Schirra. The task was completedin Geoje and Hanwha Ocean is now working on another MRO deal for USNS Yukon, a replenishment oiler assigned to the Navy's 7th Fleet. Beyond the U.S., the traditional weapons of South Korea gained popularity after the war between Russia and Ukraine started in early 2022. According to South Korea's defense ministry, arms exports more than doubled from $7.73 billion in 2021 to $17.3 billion in 2022. The figure dropped to $13 billion in 2023 and $9.5 billion last year, but is projected to rebound to $24 billion this year in consideration of ongoing negotiations with multiple countries. In addition to Hanwha, several other South Korean defense corporations have proactively entered the global market, including Hyundai Rotem, Korea Aerospace Industries, LIG Nex1, and HD Hyundai. "South Korean firms are favored by global buyers for their quick delivery and cost-effectiveness, the advantages shaped by the country's continued weapons production amid North Korean threats," Jeonbuk National University professor Jang Won-joon said in a phone interview. "Their international rivals are also trying to expand facilities to better meet demand. Against this backdrop, South Korean players will need to innovate to maintain their edge in the long run," he commented. However, some critics take issue with the Seoul administration's lack of transparency in arms exports. "The Korean government vows to become one of the world's top four arms exporters. Yet, it does not disclose related information transparently," attorney Lim Jae-sung noted in a local newspaper column.
Korea Herald
02-05-2025
- Business
- Korea Herald
Hanwha Group expands defense footprint into Latin America
Hanwha Group's three major defense affiliates -- Hanwha Aerospace, Hanwha Systems and Hanwha Ocean -- are stepping up efforts to expand into the Latin American defense market, using Chile as a strategic gateway. On Monday, the three companies participated in 'Korea Defense Day 2025' held in Santiago, Chile, where they showcased key defense solutions tailored for the region. Jointly organized by KOTRA and the Embassy of the Republic of Korea in Chile, the exhibition aimed to support Korean defense firms in exploring global markets. High-level representatives from the Chilean Ministry of Defense, Army, Navy, Air Force and police attended the event. Aiming to participate in the Chilean Army's Cromo Project to modernize its armored vehicle fleet, Hanwha Aerospace presented its self-developed 'Tigon' wheeled armored vehicle. With wheeled armored vehicles available in various configurations -- including the 8x8, 6x6 and 4x4 -- the firm expects to meet both the military and public security needs of Chile. Chilean officials also showed interest in the K9 Self-Propelled Howitzers, K10 Ammunition Resupply Vehicles and Chunmoo, a multiple launch rocket system. Hanwha Systems showcased small Synthetic Aperture Radar, or SAR, satellites and analysis tools, seeking opportunities to collaborate on Chile's national space program, SNSAT. Hanwha Ocean introduced export models of its KSS-III class submarines and advanced next-generation frigates, signaling its intent to participate in Chile's naval modernization programs. 'By establishing a strategic presence in Chile, we aim to become a total defense solution provider for Latin America," said a Hanwha Group official.
