Headlines for April 2017
1. [Hanwha Group] Chairman Seung Youn Kim met with Jeffery Immelt, the Chairman of GE
Chairman Seung Youn Kim met with Jeffrey Immelt, the chairman of GE who visited Hanwha Group again this year. They discussed exploring new growth engines through industrial internet technology and talked about their common interests.
Chairman Kim and GE chairman Mr. Immelt discussed exploring new growth engines based on industrial internet technology by creating high value-added products and services in the manufacturing industry, and they also sought for continuous cooperation in the gas turbine sector as well as aircraft engines, industrial applications of IoT, and possible cooperation in the solar area.
Chairman Kim said that he was impressed by GE’s creative attempts in industrial 4.0. The chairman also said that he expects to strengthen Hanwha’s competence in manufacturing and products through cooperation with GE in the industrial internet area and wished to cooperate with GE to develop new business models.
Last year, they signed a MOU to apply GE’s industrial internet know-how to Hanwha Techwin’s products and factories. Hanwha Techwin is planning to transform their plants into smart factories by using GE’s industrial internet platform.
2. [Hanwha Group] Hosted an official session for startups at the Boao Forum
For four consecutive years, Hanwha has attended the Boao Forum, held in the town of Boao, located in Qionghai, China. Hanwha carried out its role of economic diplomacy at the Forum even though the relationship between Korea and China has been strained. This year, Hanwha invited 20 Asian startup companies and hosted the Forum’s official roundtable titled, ‘From Made in Asia to Created in Asia’, the first roundtable hosted by a Korean company. Let’s take a look at this event where active discussions took place.
Kim Dong-won, a head of Fintech & Innovation Center of Hanwha Life Insurance, and Kim Yong-hyun, CEO of Hanwha Asset Management attended the four-day long Boao Forum which started on March 23rd, and they had opportunities to exchange information with other global leaders.
At this year’s Boao Forum, Hanwha was the first Korean company to host an official session with the organizer of the Forum. 20 startup founders who are in their 20s and 30s from Korea, China, Japan, India, Thailand, and other Asian countries participated served as panelists. They shared their ideas and entrepreneurial spirits, and exchanged their opinions on possibility of growing their own businesses bigger by making connections in Asia.
Moreover, they discussed the importance of networking and growth potential of a startup ecosystem in Asia through the securing of an open innovation strategy, creating Asia’s future growth engines.
At the startup roundtable discussion, Kim Dong won, a head of Fintech & Innovation Center of HLI, participated as an official panelist and said that this roundtable discussion was organized to discuss how much the creative influences of Asian countries with long history and traditions can deliver in the global market. And he continued saying that if startup companies from each country can be connected, then they can create more possibilities.
3. [Hanwha Q CELLS] Chung Sye-kyun, the Speaker of the National Assembly, visited Hanwha Q CELLS’ plant in Malaysia.
On March 23rd, Chung Sye-kyun, the Speaker of the National Assembly, and his group visited Hanwha Q CELLS’ plant in Malaysia. The group originally made a diplomatic visit to Malaysia for the Singapore-Malaysia high-speed rail project, but they decided to include in their schedule a visit to the Hanwha Q CELLS’ plant in Malaysia to confirm the importance of the solar business, which has been getting more attention since the Paris Agreement.
Through the visit of the speaker’s group, Hanwha Q CELLS has been recognized for its successful entrance into the overseas market and their accomplishments in Korea as well as overseas. With this opportunity, they plan to invest continuously this year and accomplish the goal of expanding to 6.8GW cell and module production capacity and become number one in the global solar market.
4. [Hanwha Corporation, Chemical, Techwin, Investment & Securities ] Held annual general meetings
Hanwha Corporation, Hanwha Chemical, Hanwha Techwin, and Hanwha Investment & Securities held annual general meetings on March 24th. There they expressed that they will do their best to accomplish better results.
At the 65th annual general meeting, Hanwha Corporation proposed rules on the approval of the financial statements, a salary cap on directors’ compensation, and the appointment of directors, board members, and audit committee members. All proposed items were passed.
At the meeting, CEO Lee Tae-jong said that the company was able to successfully issue preference shares under difficult management situations. The company was also able to reach total sales of approximately 47.12 trillion won, which is a 14% increase compared to the previous year, and 1.68 trillion won of operating profit, a 122% increase after continuously ensuring internal stability in order to become a global company.
Meanwhile, Hanwha Chemical held its 43rd annual general meeting. At the meeting, they reported the audit and sales results, and proposed the approval of the financial statements, the appointment of a director and audit committee members, and a salary cap for the director’s compensation. All proposed items were passed.
CEO Kim Chang-bum expressed that they are going to improve the company’s value through effective communications, and maximize the shareholders’ value through innovation of organizational culture and the management goal of fulfilling social responsibilities.
At the annual general meeting of Hanwha Techwin, CEO Shin Hyun-woo announced that the company has accomplished the total sales of 3.5 billion won and the operating profit of 150.7 billion won last year as the company’s main businesses are stabilized a year after the company was merged with Hanwha Group. The company became a profit-generating company over the past three years. Furthermore, he revealed that the company is going to increase sales in strategic markets such as air defense, security, and the industrial equipment sector this year and grow to become a global company by maximizing profits through effective management.
At the annual general meeting, Hanwha Investment & Securities proposed a total of 6 items, including the approval of financial statements, and all of them were passed. CEO Yeo Seung-joo promised that he is going to maximize the company’s profit as the company increases the clients’ assets along with the customers’ trust. He also promised to fulfill the ‘Addition Management’ philosophy which is supposed to benefit clients, shareholders, the company, and employees.
5. [Hanwha Engineering & Construction] Minister of land, Infrastructure, and Transport visited Bismayah new city construction site
As you know, a mega-sized new city development project, the new city of Bismayah is being built in Iraq. This modern city is expected to be the very first example of a developed Iraq since the civil war. The minister of Land, Infrastructure, and Transport visited the Bismayah construction site and encouraged those who work at the site.
Minister Kang Ho-in and the representatives of the Korea-Iraq Joint Commission on Economic Cooperation group met with Choi Kwang-ho, CEO of Hanwha E&C, Song Woong-yeob, the Korean ambassador to Iraq, and other officials. And they visited the Bismayah new city construction site and encouraged workers of Hanwha E&C and their partner companies.
Minister Kang said that it’s very impressive to see the Bismayah new city, full of Iraqi’s aspiration and the core of Iraqi government’s new city project, is being built by Koreans’ dedication and effort. He also expressed that he is proud of those who are carrying out the project successfully, and encouraged them to do their best until the end of the project with the world’s best technologies.
By strengthening government level support like this visit of the minister of Land, Infrastructure and Transport, Hanwha E&C expects to receive more orders with the Iraqi government’s support which has been building over many years. The company is committed to cooperate for expansion of Korea-Iraq economic cooperation and promotion of friendship between two countries at a private company level.