Hanwha's 70th Anniversary... Chairman Kim Seung-yeon "Breaking the Success Equation and Creating a New Paradigm"

Petrochemical and Finance Lead Korea's Modernization
Ranked 7th in Business Groups Entering Defense and Aerospace Industries
Business Structure Reorganized Around Third-Generation Owner
"Group Growth Through Credit and Loyalty Spirit
For a Sustainable 'Hanwha 100 Years'
Continuous Change Needed Across All Business Areas"

[Asia Economy Reporter Choi Seoyoon] "We must be wary of yesterday's Hanwha and always strive to be new. Let's break down the successful formulas of the past and lead a new paradigm."

Kim Seung-yeon, Chairman of Hanwha Group, emphasized continuous challenge and innovation spirit on the occasion of the 70th anniversary of the group's founding.

According to Hanwha Group on the 11th, Chairman Kim said in his founding anniversary speech, "The past 70 years of Hanwha have been a history of expanding the industrial landscape of South Korea through relentless challenges and pioneering," and urged, "We must continue Hanwha's unique innovation for a sustainable new paradigm."

Hanwha, originating from Korea Explosives founded by Chairman Kim Jong-hee (Hyeonam) in 1952, contributed to Korea's modernization through business expansion centered on key industries such as petrochemicals, finance, renewable energy, and machinery. Recently, it has expanded exports in the defense industry and entered the space industry, growing into the 7th largest conglomerate with 93 affiliates and 664 overseas networks as of the first half of this year.

Chairman Kim's eldest son, Kim Dong-kwan, Vice Chairman of Hanwha Solutions, oversees core businesses such as solar power and defense, managing the overall group; the second son, Kim Dong-won, Vice President of Hanwha Life Insurance, is in charge of financial business; and the third son, Kim Dong-sun, Head of New Business Strategy at Galleria, manages hotel, resort, and distribution businesses, reorganizing the business structure around the third generation of the owner family.

Chairman Kim stated, "For Hanwha to last 100 years or more, it must become a 'company that promises a sustainable future' and a 'company that challenges and grows together.' Let's create a company where we can challenge and grow together through fair rewards based on performance and ability, and bold hiring and promotion."

Hanwha is focusing on strengthening synergy between businesses and discovering new growth engines through continuous business restructuring and investment. In 2020, it launched the integrated Hanwha Solutions, and recently, through restructuring centered on Hanwha Aerospace in the defense industry, it is advancing into a comprehensive defense company covering ground to aerospace. Hanwha Corporation is also specializing its business in materials, equipment, and infrastructure by merging its 100% subsidiary Hanwha Construction and acquiring Hanwha Precision Machinery, a subsidiary of Hanwha Aerospace.

Hanwha is driving changes toward a sustainable future across all business areas. Since the launch of the Group ESG Committee in May last year, it has established ESG committees in major affiliates including finance and manufacturing, published sustainability reports, and enacted governance charters, laying a solid institutional foundation for ESG management. Hanwha Solutions has accelerated its leadership in the global green energy market such as solar power and hydrogen by signing financial cooperation with Korea Development Bank worth up to 5 trillion won.

Hanwha is also doing its best in its role as a company that challenges and grows together with the nation and society. Centered on Hanwha Space Hub, launched last year, Hanwha is actively entering the space industry. In June this year, the second launch of Nuriho, involving Hanwha Aerospace and Hanwha Corporation, was successful. Recently, Hanwha has been pursuing the acquisition of Daewoo Shipbuilding & Marine Engineering, dedicating itself to protecting key national industries and strengthening competitiveness.

Chairman Kim did not forget to express gratitude for the hard work of employees. He evaluated that the growth of the group was possible because of the Hanwha spirit of 'trust and loyalty,' especially the dedication of employees who preserved and developed the Hanwha spirit made the current Hanwha.

Hanwha Group plans to continue various activities that add meaning to the 70th anniversary of its founding through the founding philosophy of 'business patriotism' and the social contribution philosophy of 'Together Far.' Following the successful conclusion of the Seoul World Fireworks Festival held last weekend, Hanwha will hold Hanwha Classic, a high-quality classical music concert, in December. Meanwhile, affiliates of Hanwha Group also held founding anniversary events such as awards for long-term employees on the same day.