November 21, 2024

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Hanwha Group Chairman Kim Seung-youn (Hanwha Group)

Hanwha Group Chairman Kim Seung-youn has taken a top position at the conglomerate’s main defense affiliate, Hanwha Aerospace, to ramp up the firm’s global expansion.

According to Hanwha Aerospace’s quarterly report released on Thursday, Kim has been appointed as the defense firm's chairman. With the newly given title, the Hanwha Group head now has five chair positions, at Hanwha Corporation, Hanwha Solutions, Hanwha Systems, Hanwha Vision and Hanwha Aerospace.

“Chairman Kim’s global network will improve the prospects of Hanwha Aerospace’s overseas business activities, given the results of the US presidential election,” said an industry insider.

Kim is widely known for having solid relationships with key political figures in the US, including President-elect Donald Trump. The Hanwha Group leader was invited to Trump’s inauguration in 2017.

Kim attended the inauguration of former President George W. Bush in 2001 and invited former President Bill Clinton to South Korea in 2003.

The Hanwha chief has also maintained a close 40-year relationship with Edwin Feulner, founder of the Heritage Foundation think tank, who served on the Executive Committee of the Trump transition team between 2016 and 2017.

As Hanwha Aerospace and its subsidiary Hanwha Ocean look to bolster their presence on the global stage, particularly in the US, Kim is expected to lead the two firms’ growth in the international defense sector.

Kim's appointment to the chair position came after Trump expressed a willingness following his election win to cooperate with South Korea in the maintenance, repair and overhaul, or MRO, of US warships. Hanwha Ocean scored a second MRO contract with the US Navy on Tuesday, less than three months after the company secured South Korea's first MRO deal from the US.