Hanwha Aerospace, a leading aerospace and defense company in South Korea, has announced its new vision after merging with Hanwha Defense and Hanwha Munitions.
The announcement was made during a town hall event at the Hanwha Building in Seoul, where Dong-Kwan Kim, the Vice Chairman of Hanwha Group, and Jae-il Son, the CEO and President of Hanwha Aerospace, presented the company's strategic direction.
“We are thrilled to announce our new vision for the combined company, which reflects our unwavering commitment to becoming a world leader in innovation.” said Kim. He further noted that the merger would enable the company to lead the world in sustainable mobility technology while providing defense solutions to protect freedom and peace around the world.
The company's new vision centers on three key strategic directions: developing world-leading defense solutions, pioneering space and aerospace technology, and fostering innovation in new mobility solutions.
Son expressed confidence that the new vision would uncover untapped growth opportunities for future generations. The company aims to achieve a consolidated revenue of KRW 40 trillion by 2030, with significant revenue anticipated in the coming years.
Since the restructuring plan announced in 2022, the company has made progress towards its merger-related goals by realigning its business units, reinforcing its market position, and generating additional revenue and technology synergies.
In FY 2022, the company posted a record-high consolidated revenue of KRW 6.54 trillion, representing an 18% increase from the previous year. The company's operating profit also reached a new high of KRW 375 billion, up 35% from the prior year.
