Halla Visteon Changes Corporate Name to Hanon Systems

Name signifies a new beginning and reaffirms the company's commitment to growth and delivering value through innovative thermal management solutions

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Hanon Systems

Jul 24, 2015, 02:12 ET

DAEJEON, Korea, July 24, 2015 /PRNewswire/ -- Leading automotive thermal management solutions provider Halla Visteon Climate Control Corp. (KS: 018880), today announced it has received shareholder approval to change its corporate name to Hanon Systems.

The name Hanon symbolizes the company's core capabilities in thermal management with the Korean word characters han and on, each meaning coolness and warmth respectively. In addition, the character han denotes a meaning of wideness and extensiveness, and the word on in English indicates an active state of operation. The collective meaning signifies the company's extensive global reach and commitment to accelerating innovation for stakeholders worldwide.

The company also unveiled its new corporate identity and slogan. The new identity provides a visual representation of the company's core business through the contrast of warm and cool colors, with the space in the middle symbolizing the flow of air. Its wide and modern typeface implies the global scale of the company's vision for the future. The new identity and slogan "Accelerating Innovation" symbolizes the company's commitment to leading innovation in the global automotive market.

"Today, with our new ownership and management structure, we are confident in the company's transformation, and the new name and identity will help accelerate our brand in the automotive market," said In-Young Lee, chief executive officer of Hanon Systems.

The new name and identity signifies a new beginning for the company following the transition of majority ownership in June, and appointment of the new CEO.

"This is an important change that is reflective of the new ownership and signals a renewed focus on growth and technological advancements in the automotive thermal management field," added Lee. "The unveiling of the new name helps position the company for a bright future by underscoring our commitment to become a trusted thermal management solutions provider in the global automotive sector, and it will help us increase shareholder value by improving our focus on our stakeholders including employees, customers, suppliers, investors and the communities where we operate."

To support the new name launch, the company unveiled a refreshed website, www.hanonsystems.com, featuring the new corporate identity.

For nearly 30 years, Halla Climate Control, has been a provider of climate control solutions to the auto industry. It combined with Visteon's climate business in 2013, gaining a heritage of expertise that spans more than a century and increased its global scope. In 2014, the company acquired the automotive thermal and emissions product line of Cooper Standard Automotive, resulting in a $5 billion global automotive thermal management powerhouse.

On June 9, Visteon Corp. sold its 70 percent ownership interest in HVCC to Hahn Auto Holdings (50.5 percent ownership) and Hankook Tire (19.49 percent). The company continues trading its 30 percent interest on the Korea Stock Exchange under the ticker (KS: 018880).

About Hanon Systems
Hanon Systems is a full-line supplier of automotive thermal management solutions. Products include heating ventilation and air conditioning; compressors; powertrain cooling; fluid transport; and electric, hybrid and fuel cell vehicle thermal systems. With 38 manufacturing sites supported by four global technical centers in 19 countries, the company employs more than 15,500 people. To learn more, visit www.hanonsystems.com.

SOURCE Hanon Systems