November 27, 2024

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(Hanwha Aerospace)

Hanwha Aerospace, a South Korean defense company, said Friday it will focus on the defense and aviation business after spinning off two affiliates by September.

Hanwha Aerospace will spin off its two wholly owned units -- artificial intelligence solutions firm Hanwha Vision and semiconductors equipment maker Hanwha Precision Machinery -- to be placed under Hanwha Industrial Solutions, which will be established soon, the company said in a statement.

"Through the business reorganization, the company (Hanwha Aerospace) aims to become a comprehensive defense solutions provider in global markets with a business portfolio that covers land, ocean and aerospace fields," the statement said.

After the planned spin-off, Hanwha Aerospace will have defense solutions provider Hanwha Systems and shipbuilder Hanwha Ocean as affiliates, while Hanwha Precision and Hanwha Vision will be wholly owned by the new company.

Hanwha, the de facto holding company of chemical-to-defense conglomerate Hanwha Group, will have a 33.95 percent stake each in Hanwha Aerospace and the new company. (Yonhap)