Hanwha Group has finally completed the acquisition of Daewoo Shipbuilding & Marine Engineering. Daewoo Shipbuilding & Marine Engineering is newly launched under the new name "Hanwha Ocean".
During an extraordinary shareholders' meeting held on the morning of May 23, Daewoo Shipbuilding & Marine Engineering (DSME) shareholders approved all proposed agenda items. These included amending the Articles of Incorporation to reflect the change of the company name to "Hanwha Ocean" and appointing nine new directors.
Hanwha Group's affiliates, namely Hanwha Aerospace, Hanwha Systems, Hanwha Impact Partners, and two Hanwha Energy subsidiaries, collectively invested approximately 2 trillion won in paid-in capital, securing a 49.3% stake in Hanwha Ocean. This makes them the largest shareholder in the newly formed entity.
Vice Chairman Kwon Hyuk-woong has been appointed as the CEO of Hanwha Ocean. Additionally, President Kim Jong-seo and President Jeong In-seop have been named as inside directors. President Kim Jong-seo will oversee the Merchant Ship Division, while President Jeong In-seop will be responsible for the Geoje business site. Vice Chairman Kim Dong-kwan of Hanwha Group has been appointed as a non-executive director and will actively participate in the company's management.
Vice Chairman Kim Dong-kwan has expressed his support for Hanwha Ocean's swift business normalization and its endeavors to expand into international markets. He envisions the company growing into a leading global marine and energy enterprise.
In a letter addressed to executives and employees, the newly appointed CEO of Hanwha Ocean, Kwon Hyuk-woong, stated, "The executives and employees of Ocean possess the potential to establish a world-class company in Okpo Bay, while Hanwha has a growth trajectory that stems from its core business and synergistic mergers and acquisitions with capable companies."
He further emphasized, "Building upon the strong technological culture that defines Hanwha Ocean, we will nurture a sustainable, eco-friendly technology firm and a globally competitive company that can generate stable profits." He concluded by saying, "The word 'Ocean' in Hanwha Ocean represents sustainability and the spirit of taking on challenges. Let us embark on a remarkable journey to become a 'global ocean energy leader' by harnessing our pioneering spirit and incessant innovation on the stage where 95% of the unknown realm lies— the ocean."
