Hanwha Group Total Defense Green Energy Major Enterprise
Hanwha Group has signed a new stock acquisition contract (main contract) to participate in a paid-in capital increase of 2 trillion won for the acquisition of Daewoo Shipbuilding & Marine Engineering.
According to the Hanwha Group on the 17th, Hanwha Aerospace (1 trillion won), Hanwha Systems (500 billion won), Hanwha Impact Partners (400 billion won), and three subsidiaries of Hanwha Energy (100 billion won) will each participate in the paid-in capital increase. After the paid-in capital increase, Hanwha secures a 49.3% stake in Daewoo Shipbuilding & Marine Engineering and becomes the largest shareholder, while the share of Korea Development Bank is lowered to 28.2% (the second largest shareholder).
Once the acquisition process is completed, Hanwha will be able to lay the foundation for growth as a true global defense company by having a ‘land, sea, and air integrated system’ that encompasses the existing space and land defense industries as well as the ocean.
By combining Hanwha’s cutting-edge marine system technology with Daewoo Shipbuilding’s capacity to mass-produce ships, commercial ships capable of autonomous navigation are developed, or Hanwha’s eco-friendly energy storage system (ESS) technology, which is being applied to submarines, is used to develop eco-friendly ships. It is also expected to enter the market.
In addition, it is expected that a new green energy value chain can be established by combining Hanwha’s energy field capabilities, such as LNG, ammonia, hydrogen and wind power, with Daewoo Shipbuilding’s energy production facilities and transportation technology fields.
The combination of the two companies will expand the global export network and greatly expand the export market. Sharing a customer network in the Middle East, Europe, and Asia is expected to increase exports of not only Hanwha’s weapon systems but also Daewoo Shipbuilding’s flagship products, submarines and battleships.
Until the final acquisition, it will usually take more than three months to obtain domestic and foreign licenses, such as approval for sales of defense companies and review of business combinations.
Through the organic combination of Daewoo Shipbuilding and Marine Engineering, Hanwha plans to contribute to strengthening national competitiveness by expanding exports as well as local coexistence beyond simple profit creation, and to normalize management in a short time to turn into a surplus.
An official from Hanwha said, “We were able to confirm Daewoo Shipbuilding’s technology and excellent manpower through a thorough due diligence for six weeks.” “he said.