Hanwha Group Chairman Kim Seung-youn waves toward employees of Hanwha Aerospace Co. as he visits the company’s plant in Changwon, some 300 kilometers south of Seoul, on May 20, 2024, in this photo provided by Hanwha Group. (Image courtesy of Yonhap)
SEOUL, May 31 (Korea Bizwire) — Hanwha Group, a South Korean defense-to-insurance conglomerate, has been ranked among U.S. magazine Time’s 100 most influential companies of 2024.
Hanwha Group was named in the Titans category for the Time 100 Companies list released Thursday (U.S. time), which also included Amazon, Airbus, TikTok, Microsoft, Pfizer and Nvidia.
It is the only South Korean company to make the list.
To select 100 companies with criteria of impact, innovation, ambition and success, editors of the U.S. magazine request suggestions and applications from across sectors, survey its contributors and correspondents around the world, and seek advice from outside experts.
Calling the group the “Lockheed Martin” of Asia, Time noted that Hanwha has performed well in the midst of the ongoing global geopolitical crisis, with its defense unit Hanwha Aerospace Co.’s market value topping US$7.8 billion.
“Despite its significant defense manufacturing presence, the South Korean company has gone beyond what its former name of Korea Explosives Group suggests, moving further into the renewable energy industry through solar and wind farms and clean hydrogen technology,” the list read.
Hanwha Group said it has been accelerating the development, certification and demonstration of eco-friendly technologies since acquiring Hanwha Ocean Co., formerly Daewoo Shipbuilding & Marine Engineering, last year.
Hanwha Ocean has received an approval in principle (AiP) from the American Bureau of Shipping (ABS) for onboard carbon capture technology of ultra large, liquefied carbon dioxide (LCO2) carriers last year.
Its energy affiliate, Hanwha Solutions Corp., has invested 3.2 trillion won (US$2.57 billion) to build a production complex for solar panel parts in Georgia, the United States.
Hanwha Aerospace has signed deals to supply K9 self-propelled howitzers and Chunmoo multiple launch rocket systems (MLRS) to Poland.
(Yonhap)
