Conglomerate Hanwha Completes Purchase of Daewoo Shipbuilding

Image: Hanwha Group.

South Korean conglomerate Hanwha Group in late May announced the launch of its latest affiliate, Hanwha Ocean, as it looks to expand its footprint in global marine energy solutions and shipbuilding. The announcement followed Hanwha’s acquisition of Daewoo Shipbuilding & Marine Engineering to strengthen its position as an energy solutions provider.

At a May 23 meeting, shareholders approved relaunching the shipbuilder under the new name Hanwha Ocean Co., Ltd. The company also appointed Hyek Woong Kwon as CEO alongside nine new board members.

Five affiliates of Hanwha Group— Hanwha Aerospace, Hanwha Systems, Hanwha Impact Partners, and two subsidiaries of Hanwha Energy—have become major shareholders of Hanwha Ocean, taking a combined stake of 49.3% through new shares worth 1.5 billion USD.

“Hanwha has a robust track record of delivering growth in key business areas by creating synergy and amplifying the strengths of newly acquired companies,” Hanwha Ocean CEO Hyek Woong Kwon said. “Leveraging Hanwha Ocean’s foundational culture of pursuing technological excellence, we aim to become a globally competitive company that delivers steady growth with a focus on sustainable and eco-friendly technology.”

With the new launch, Hanwha Ocean is expected to help expand Hanwha’s green energy ecosystem by focusing on eco-friendly and digital technology. In addition to its expertise in commercial ships such as LNG carriers, the company is developing new low- and zero-carbon solutions that can power the energy transition.

Founded in 1952, Hanwha is the seventh-largest business in South Korea and a Fortune Global 500 company.

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