Hanwha Machinery & Service Holdings (Hanwha M&S), led by Kim Dong-Sun, the third son of Kim Seung-youn, chairman of Hanwha Group, has officially launched. Kim is expected to focus on identifying future growth engines for the affiliates he belongs to.
Hanwha M&S held a launch ceremony on the morning of the 3rd at The Plaza in Jung-gu, Seoul. It is a new holding company spun off from Hanwha, the holding company of Hanwha Group, on the 1st, and it holds businesses in the tech and life sectors. At a board meeting held the same day, it approved key agenda items including ▲appointment of the CEO and other executives ▲establishment of various committees ▲adoption of internal regulations.
In the tech sector of Hanwha M&S are Hanwha Vision, Hanwha Semitek, Hanwha Momentum, and Hanwha Robotics, while in the life sector are Hanwha Galleria, Hanwha Hotels & Resorts, and OURHOME. Including subsidiaries' subsidiaries, it has a total of 57 affiliates, including overseas entities. As of the end of last year on a consolidation basis, revenue was about 6 trillion won and total assets were 11.3 trillion won. Hanwha Vision and Hanwha Galleria are listed on the main board.
The inaugural head of Hanwha M&S is CEO Kim Hyeong-jo. Born in 1968, Kim joined Hanwha Group in 1994. For more than 30 years, Kim has accumulated diverse on-site experience, from business strategy formulation to operation of business sites. From 2021 for four years, Kim served as CEO of Hanwha Hotels & Resorts.
Kim took the role of head of future vision at Hanwha M&S. Hanwha M&S said, "Kim plans to draw up blueprints for each company and focus on discovering promising future growth items." On the 1st, in group personnel moves, Hanwha Group promoted Kim to president, lending support to independent management.
Under the leadership of Hanwha M&S, the tech and life sectors plan to swiftly implement management strategies that reflect business characteristics and market conditions to continuously enhance corporate and shareholder value. They also decided to work on creating synergy so that various collaborations can actively take place within and across the sectors.
A Hanwha M&S official said, "With the resolution of the conglomerate discount, investment in and expansion of the tech and life sectors are expected to gain momentum," adding, "Before long, the two sectors are expected to become another pillar of the group." Hanwha M&S plans to list on the main board on the 25th of this month.