Hanwha Aerospace unveils new vision after completion of defense consolidation merger

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Apr 03, 2023, 07:07 ET

Hanwha Aerospace announces long-term vision following its merger with Hanwha Defense and Hanwha Munitions in April.
New vision presents three strategic directions to develop technology that foster sustainable growth and support deterrence capabilities.
Integrated company aims to reach consolidated revenue of KRW 40 trillion by 2030.

SEOUL, South Korea, April 3, 2023 /PRNewswire/ -- Hanwha Aerospace, South Korea's leading aerospace and defense company, has unveiled its new vision today following its merger with Hanwha Defense and Hanwha Munitions.

During a town hall event at the Hanwha Building in Seoul, the Vice Chairman of Hanwha Group, Dong-Kwan Kim, and the CEO and President of Hanwha Aerospace, Jae-il Son, presented the company's strategic direction and emphasized their goal of ensuring a sustainable future for the next generation.

Hanwha Aerospace Townhall Event at Hanwha Building in Seoul, South Korea.

"We are thrilled to announce our new vision for the combined company, which reflects our unwavering commitment to becoming a world leader in innovation." said Kim. He further noted that the merger would enable the company to lead the world in sustainable mobility technology while providing defense solutions to protect freedom and peace around the world.

The company's new vision centers on three key strategic directions, including developing world leading defense solutions, pioneering space and aerospace technology, and fostering innovation in new mobility solutions. Son expressed confidence that the new vision would uncover untapped growth opportunities for future generations, and the company's target is to achieve a consolidated revenue of KRW 40 trillion by 2030, with significant revenue anticipated in the coming years.

Since the restructuring plan announced in 2022, the company is making progress towards its merger-related goals by realigning its business units, which will reinforce its market position and generate additional revenue and technology synergies. In FY 2022, the company posted a record-high consolidated revenue of KRW 6.54 trillion, representing 18% increase from the previous year. Additionally, the company's operating profit reached a new high of KRW 375 billion, up 35% from the prior year.

About Hanwha Aerospace

A subsidiary of Hanwha Group, a Fortune Global 500 company, Hanwha Aerospace is the largest aerospace and defense company in South Korea. With the reputation of South Korea's only aircraft engine maker and a global provider of advanced military and commercial aircraft engines, Hanwha Aerospace is spearheading the country's space projects such as KSLV-II.

Hanwha Aerospace has merged its subsidiary Hanwha Defense, the maker of world-renown K9 Self-Propelled Howitzer and Redback Infantry Fighting Vehicle, to expand its footprint in the global defense market. The company has also acquired the Hanwha Munitions to develop and provide ammunition, precision-guided missiles, and other cutting-edge weapons systems.

SOURCE Hanwha Aerospace