Global automotive thermal management solutions company Hanon Systems announced on the 9th that it achieved consolidated sales of KRW 2,404.6 billion in the first quarter of this year, marking the highest first-quarter performance ever. This figure represents a 2.7% increase compared to last year's sales. Operating profit also rose by 8.5% to KRW 65.3 billion.
Hanon Systems stated that its logistics costs decreased to 2.5%, down 0.9 percentage points from the previous year, thanks to a profitability improvement program initiated in the second half of last year. At the same time, the organizational efficiency efforts reached 80% of the target and are expected to be completed within the first half of the year.
The proportion of electrification sales in the first quarter remained at 24% of total sales, similar to the previous year. A Hanon Systems representative said, "The annual electrification sales ratio for 2024 is expected to improve due to the mass production of new electric vehicle models by multiple customers."
Meanwhile, on the 3rd, Hanon Systems' largest shareholder, Hahn & Company Auto Holdings Limited, signed a memorandum of understanding to sell a 25% stake of Hanon Systems common stock to the second-largest shareholder, Hankook Tire & Technology (hereinafter Hankook Tire). Additionally, through a paid-in capital increase, it decided to issue new shares equivalent to 12.2% of the issued stock to Hankook Tire. Upon completion of both transactions, Hankook Tire's ownership stake will reach 50.53%.
Neetal Kuchukaya and Nagasubramoni Ramachandran, co-CEOs of Hanon Systems, said, "Hankook Tire has been our second-largest shareholder for about 10 years, and given the high mutual understanding between the two companies, we expect global synergies. We will continue to strengthen our global position by enhancing technological capabilities in the electric vehicle market, including hybrids."
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