Hanwha Aerospace

Hanwha Aerospace Co., Ltd., a subsidiary of Hanwha Group, is an aerospace industrial company headquartered in Changwon, South Korea. It was established in 1977 as Samsung Precision. The company is Korea's only gas turbine engine manufacturer, and specializes in the development, production and maintenance of aircraft engines. In 1979, it started the aircraft engine business with gas turbine engine depot maintenance business, providing various gas turbine solutions to Korea and all over the world and by 2016 the company had produced more than 8,000 pieces of equipment.

Hanwha Aerospace Co., Ltd.
Native name
Korean: 한화에어로스페이스
Public
Traded asKRX: 012450
IndustryAerospace
Founded1977 (1977) (as Samsung Precision)
Headquarters
Seongsan, Changwon, Gyeongsangnam-do
,
South Korea
Key people
Hyun-Woo Shin (President)
Revenue4,215 Billion KRW[1] (2017)
Total assets5,748 Billion KRW[1] (2017)
Number of employees
2,559[2] (2017)
ParentHanwha Group
Websitehanwhaaerospace.com

History

The company was founded as Samsung Precision in 1977. The company established a precision instrument laboratory in 1978. In technical cooperation with General Electric, it started manufacturing jet engines for Korean aircraft in 1980.

It changed its name to Samsung Aerospace Industries in 1987 and started to make helicopters. The same year, it made the first KF-16 fighter jet in Korea.

It handed over the firm's aircraft business to Korea Aerospace Industries in 1999 and changed its name to Samsung Techwin in 2000.

In 2014, Samsung announced the sale of its holding stake in Samsung Techwin, to South Korean conglomerate Hanwha Group.[3] Hanwha completed the takeover and renamed it as Hanwha Techwin in 2015.[4]

In 2017, Hanwha Techwin has spun off its defense, energy equipment and industrial equipment business units into three subsidiaries, Hanwha Land Systems, Hanwha Power System and Hanwha Precision Machinery .[5]

In 2018, Hanwha Aerospace changed its name from Hanwha Techwin after its security division was spun off into an independent entity.[6]

Subsidiaries
  • Hanwha Land Systems
  • Hanwha Power Systems
  • Hanwha Precision Machinery
  • Hanwha Techwin
  • Hanwha Systems
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See also

References
  1. "Annual Financial Summary | Hanwha Aerospace". www.hanwhaaerospace.com.
  2. "Information | Hanwha Aerospace". www.hanwhaaerospace.com.
  3. By Joel Griffin, Security Info Watch. “Samsung Techwin sold to S. Korean conglomerate.” December 1, 2014. December 10, 2014.
  4. The Korea Observer. "Hanwha wraps up takeover of four Samsung arms." June 29, 2016. Retrieved Feb 10, 2017.
  5. "Hanwha Techwin to Spin off Defense, Energy, Industrial Equipment Business Units". 비즈니스코리아 - BusinessKorea (in Korean). 28 April 2017.
  6. "Hanwha Aerospace Takes Off To New Horizons". Hanwha.com.
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