Hanwha, GE to Bolster Biz Cooperation


This is an article published by The Korea Times, Korea's popular English language newspaper.
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Hanwha Group Chairman Seung Youn Kim, right, shakes hands with General Electric Chairman Jeffrey Immelt during a meeting at Hanwha headquarters in downtown Seoul, Monday. The two discussed a range of issues, such as internet of things and smart factories, and agreed to further strengthen their business partnership. / Courtesy of Hanwha Group


[March 14, 2017] Hanwha Group and General Electric (GE) have agreed to cooperate on industrial internet, internet of things (IoT) and other newly emerging technologies to strengthen their business partnership, Korea's eighth-largest conglomerate said Tuesday.

Hanwha Chairman Seung Youn Kim met with GE Chairman Jeffrey Immelt at the group headquarters in Seoul Monday, discussing ways to advance bilateral business ties.

"GE has been a global leader in the ongoing industrial digitalization. I am impressed by what the U.S. firm has been doing to innovate itself," Kim was quoted as saying by Hanwha officials during a meeting with Immelt.

"We would like to enhance our corporate competitiveness by more closely cooperating on industrial internet and other emerging fields with GE. I also expect the two companies will work together to develop new growth models."

Hanwha Techwin, one of the group's defense goods manufacturers, has been cooperating with GE on airplane engines and gas turbines since the 1980s, according to Hanwha officials.

Last year, Hanwha Techwin signed a memorandum of understanding to adopt GE's knowhow and expertise on industrial internet to transform its plants into smart factories.

"We have been maintaining a strong partnership with GE in areas of aircraft engines and other aviation components for years. With GE selected as an engine supplier last year for Korea's next-generation KF-X project, Hanwha will help its American partner to produce engines for 240 fighter jets."

The official also said Kim and Immelt agreed to work together to make the best use of the IoT and other next-generation technologies, as well as jointly exploring a possible collaboration on solar panels.

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