Headlines for June 2017
1. [Hanwha Life] Held the 33rd 2017 annual award ceremony
Hanwha Life Insurance held the 33rd annual award ceremony, the largest festival of the company, on May 12th at Kintex in Korea. Chairman Seung Youn Kim attended the ceremony again this year, for the third consecutive year, to congratulate the FPs and employees who have accomplished outstanding results in the difficult insurance market, and he shared encouraging messages.
Chairman Kim has been attending the ceremony every year for three consecutive years since 2015. He congratulated all FPs for accomplishing the asset growth goal of 106 trillion-won through love and trust to customers, and he expressed his appreciation to them. In his remarks, Chairman Kim asked the FPs to actively adopt the changing spirit of the times as they stop old practices and customs from the past.
Moreover, he said that love and respect, honesty and loyalty must come first in any situation since a financial business is about helping people to have better lives. And he encouraged the FPs who attended the ceremony by suggesting that they try to be remembered as Hanwha’s proud FPs, acting with pride as warm partners to our customers and the best financial specialists.
Lastly, Chairman Kim emphasized that we need to practice leadership as we ponder thoughts, standard, and values demanded by the new world. He said that the efforts of FPs combined with their sweat and tears are the promises to protect our customers’ happiness, and they will be remembered as part of proud Hanwha’s future.
2. [Hanwha Group] Held an opening ceremony of the Hanwha Shanghai Plaza
Hanwha Group has accelerated its global management over recent years and is running various businesses in all parts of the world in business sectors such as solar, chemical, materials, and financial. Among the various locations, Shanghai has been a strategic location for global businesses since the greatest number of affiliates has chosen it for a long time. In this important market, the Group has felt the need to combine the global offices of eight affiliates and operate a representative office. After over a year of preparation, the Hanwha Shanghai Plaza is now finally opened.
The Hanwha Shanghai Plaza is located on the west side of Huangpu River, which runs through the middle of Shanghai. About 149 employees from eight affiliates, including Hanwha Chemical, Q CELLS, Techwin, FC, Trading, Advanced Materials, and Galleria Duty-Free work on two floors in New Caohejing International Business Center using 3,354㎡ of a floor space.
The establishment of the Hanwha Shanghai Plaza not only means physical integration through sharing the same office space, but also it is expected to create synergy among the eight affiliates from different industries through cooperation and collaboration in various tasks such as sales, dealing with the government, and management.
Through the opening of the Hanwha Shanghai Plaza, we expect that it is going to provide opportunities to increase Hanwha’s global business competence and status. And we hope that all 149 employees of the Hanwha Shanghai Plaza play important roles in meeting this expectation.
3. [Hanwha Group] Ranked 5th among major Korean corporates based on the amount of net income.
The Fair Trade Commission categorizes a company with total assets of over 10 trillion-won each year as a large corporation, which limits mutual investment and debt guarantee. Hanwha is ranked 8th this year again with assets totaling 58.539 trillion won.
Since the proclamation of the vision ‘Quality Growth 2020’, the Group has been getting attention from the market as they simultaneously execute external growth and internal management with the goal of becoming the No.1 company.
The Group will continue to strengthen its fundamental competencies in chemical, materials, defense, solar, and financial industries with a “select and concentrate” strategy. At the same time, they will continue investing and taking on new challenges, even under the uncertainty of the world’s economy in order to achieve the vision ‘Quality Growth 2020’.
4. [Hanwha Techwin] Signed a contract with India for exporting self-propelled howitzer K9s
We are pleased to announce that Hanwha Techwin signed a contract with India to export premium self-propelled howitzer K9s. This K9 export deal is the 4th exporting opportunity, following the deals with Turkey, Poland, and Finland. The contracted amount is 370 billion won for 100 improved versions of the K9 self-propelled howitzer named Vajra.
The contract was signed at the chamber of commerce in India. This contract is more meaningful because this is the first time for a Korean defense company to enter one of the largest weapons importing markets in the world, and it allows Hanwha to establish a foundation to expand the business in Asia and the Middle East.
In order to conform to the Indian government’s manufacturing industry vitalization policy called “Make in India”, Hanwha Techwin has formed a strategic consortium with the Indian company Larsen & Toubro and participated in a self-propelled howitzer business in 2011. They successfully tested the weapon in the Rajasthan desert in India, which is a hot, sandy area, while Indian army was supervising, and Hanwha proved its quality.
Hanwha Techwin is planning to manufacture 100 K9 self-propelled howitzers in India that could be modified for the Indian Army while transferring the technology to them, and they are going to deliver the weapons with Larsen & Toubro.
5. [Hanwha Corporation/Explosives] CEO visited outstanding partner companies, carrying out win-win management activities
Hanwha Group’s partner companies are not just subcontractors but they are in family and partner relationship that are going further together with Hanwha. Choi Yang-soo, CEO of the Hanhwa Corporation Explosive Division, visited one of their partner companies, Jaeil, located in Incheon and listened to their difficulties and carried out win-win management activities by encouraging them to improve their manufacturing processes.
Mr. Choi visited Jaeil, which was selected as an excellent partner company by Hanwha Corporation last year after receiving a high evaluation on its deadline, quality, and contribution categories during a routine evaluation. In fact, this company helped Hanwha Corporation manufacture torch casings for the 2018 Pyeongchang Winter Olympics.
In particular, Jaeil had received various investments from Hanwha Corporation for quality and process improvement because they were selected for the partner company’s process improvement program carried out by Hanwha Corporation. This program includes activities of sharing know-how and creating better management and more businesses as professionals from each area of Hanwha Corporation visit a partner company and discuss their weaknesses
For this project, Hanwha Corporation supported Jaeil with a metal pipe cleaning machine and automated inspection equipment. Jaeil was able to improve the quality of their products and productivity thanks to the equipment that was brought in with Hanwha’s investments.
Meanwhile, CEO Choi visited an assembly plant where torches for the 2018 Pyeongchang Winter Olympics were being made, and he inspected the manufacturing processes thoroughly.
Besides partner companies’ process areas, Hanwha Corporation is also providing consulting activities in the environmental safety area, which is a vulnerable area for small companies. Hanwha Corporation recommends practical options that can improve productivity following the Industrial Safety & Health Standard so that partner companies can have a more efficient and safer working environment.
Furthermore, Hanwha Corporation is going to strengthen their partner companies’ competence, which is a foundation of improving quality and cost at Hanwha by finding ways to offer practical help and expanding the qualification range of a partner company for the process improvement program.